GWH vs. SPY

Last updated Aug 1, 2026

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 -65.34%/yr vs 12.76%/yr for SPY. Their 0.34 correlation means their historical movements had little consistent relationship.

Performance

GWH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ESS Tech, Inc. (GWH) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWH achieves a -60.27% return, which is significantly lower than SPY's 10.13% return.

GWH

• 1D: -1.53%
• 1M: -13.44%
• 6M: -57.31%
• YTD: -60.27%
• 1Y: -56.32%
• 3Y*: -69.92%
• 5Y*: -65.34%
• 10Y*: —
• ALL TIME*: -61.55%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GWH ESS Tech, Inc.	$579.06K	$560.59K	$768.83K
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

GWH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GWH ESS Tech, Inc.	-60.27%	-68.03%	-65.61%	-53.09%	-78.76%	12.16%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%

Correlation

The correlation between GWH and SPY is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.34

Return for Risk

GWH vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GWH

GWH Risk / Return Rank: 36
GWH Sharpe Ratio Rank: 31
GWH Sortino Ratio Rank: 52
GWH Omega Ratio Rank: 51
GWH Calmar Ratio Rank: 19
GWH Martin Ratio Rank: 28

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	-0.28	1.52	-1.80
Sortino ratio: Return per unit of downside risk	0.76	2.11	-1.36
Omega ratio: Gain probability vs. loss probability	1.09	1.27	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.66	2.20	-2.86
Martin ratio: Return relative to average drawdown	-0.83	9.40	-10.23

GWH vs. SPY - Sharpe Ratio Comparison

The current GWH Sharpe Ratio is -0.28, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of GWH and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GWH vs. SPY - Drawdown Comparison

The maximum GWH drawdown since its inception was -99.80%, 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.

Drawdown Indicators

	GWH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-55.19%	-44.61%
Max Drawdown (1Y) Largest decline over 1 year	-92.10%	-8.88%	-83.22%
Max Drawdown (3Y) Largest decline over 3 years	-97.61%	-18.76%	-78.85%
Max Drawdown (5Y) Largest decline over 5 years	-99.80%	-24.50%	-75.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-99.79%	-1.40%	-98.39%
Average Drawdown Average peak-to-trough decline	-79.36%	-9.01%	-70.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	73.11%	2.08%	+71.03%

Volatility

GWH vs. SPY - Volatility Comparison

ESS Tech, Inc. (GWH) has a higher volatility of 33.80% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. 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.

Volatility by Period

	GWH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.80%	3.58%	+30.22%
Volatility (6M) Calculated over the trailing 6-month period	74.53%	10.14%	+64.39%
Volatility (1Y) Calculated over the trailing 1-year period	215.17%	12.89%	+202.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	154.61%	17.18%	+137.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.43%	17.95%	+128.48%

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 1.01%.

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	1.01%	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

Can I hold both GWH and SPY in my portfolio?

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.

Which is riskier, GWH or SPY?

GWH has higher volatility (33.80%) compared to SPY (3.58%). In terms of maximum drawdown, GWH dropped -99.80% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.28), 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.