GWH vs. SPY
GWH (ESS Tech, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, GWH returned -65.02%/yr vs 13.05%/yr for SPY. At a 0.34 correlation, their price movements are largely independent.
Performance
GWH vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GWH achieves a -58.62% return, which is significantly lower than SPY's 8.15% return.
GWH
- 1D
- 5.12%
- 1M
- -18.75%
- YTD
- -58.62%
- 6M
- -61.67%
- 1Y
- -27.29%
- 3Y*
- -66.09%
- 5Y*
- -65.02%
- 10Y*
- —
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
GWH vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GWH ESS Tech, Inc. | -58.62% | -68.03% | -65.61% | -53.09% | -78.76% | 12.16% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% |
Correlation
The correlation between GWH and SPY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021 | 0.34 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GWH vs. SPY — Risk / Return Rank
GWH
SPY
GWH vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ESS Tech, Inc. (GWH) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GWH | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.34 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 2.67 | -2.96 |
| Martin ratioReturn relative to average drawdown | -0.40 | 11.92 | -12.32 |
Loading charts...
Drawdowns
GWH vs. SPY - Drawdown Comparison
The maximum GWH drawdown since its inception was -99.79%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GWH and SPY.
Loading charts...
Drawdown Indicators
| GWH | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.79% | -55.19% | -44.60% |
Max Drawdown (1Y)Largest decline over 1 year | -91.82% | -8.88% | -82.94% |
Max Drawdown (3Y)Largest decline over 3 years | -97.52% | -18.76% | -78.76% |
Max Drawdown (5Y)Largest decline over 5 years | -99.79% | -24.50% | -75.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -99.78% | -3.17% | -96.61% |
Average DrawdownAverage peak-to-trough decline | -78.96% | -9.04% | -69.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.37% | 1.98% | +66.39% |
Volatility
GWH vs. SPY - Volatility Comparison
ESS Tech, Inc. (GWH) has a higher volatility of 22.04% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that GWH's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GWH | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.04% | 4.87% | +17.17% |
Volatility (6M)Calculated over the trailing 6-month period | 65.38% | 9.85% | +55.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 221.43% | 12.50% | +208.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 153.58% | 17.15% | +136.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 146.82% | 17.95% | +128.87% |
Dividends
GWH vs. SPY - Dividend Comparison
GWH has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GWH ESS Tech, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
GWH and SPY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GWH has higher volatility (22.04%) compared to SPY (4.87%). In terms of maximum drawdown, GWH dropped -99.79% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.90 vs -0.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for GWH and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer