SPY vs WWW: Correlation
SPDR S&P 500 ETF Trust (SPY) and Wolverine World Wide, Inc. (WWW) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WWW?
Over the past 3 years, SPY and WWW moved with a correlation of 0.41, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.41 over 3 years. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 334.9 %².
Within SPY's tracked universe of 4755 assets, WWW comes in at #1098 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 57.0 percentage points (+20.6% for SPY against -36.4% for WWW). One caveat on sizing: WWW is 3.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs WWW: side by side
| SPY (SPDR S&P 500 ETF Trust) | WWW (Wolverine World Wide, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -36.4% |
| 5-year return | +82.4% | -38.6% |
| Volatility (ann.) | 14.5% | 57.1% |
| Beta vs S&P 500 | 1.00 | 1.60 |
| Max drawdown (3Y) | -18.8% | -58.0% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | 15.7 |
| Dividend yield | 1.01% | 1.99% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WWW |
|---|---|---|
| 2022 | -18.2% | -61.1% |
| 2023 | +26.2% | -15.6% |
| 2024 | +24.9% | +155.3% |
| 2025 | +17.7% | -16.5% |
| 2026 | +13.7% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WWW good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WWW?
The SPY/WWW correlation stands at 0.41 on a 3-year window (1 year: 0.29, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is WWW a good diversifier for SPY?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-www.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-www/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WWW correlations
