S&P 500 vs WTI crude oil

Do equities and oil prices move together, or has the link decoupled?

S&P 500 (SPY)

WTI crude oil (USD/bbl)

S&P 500 vs WTI crude oil: summary statistics (Max range)
Series	First	Latest	Min	Max
S&P 500 (SPY)	100.0	3101.9	100.0	3101.9
WTI crude oil (USD/bbl)	100.0	399.7	59.6	703.4

Source:Federal Reserve Economic Data (FRED) and Yahoo FinanceSPY DCOILWTICO· Data may be revised by the source.

Latest chart point (2026-07-01) predates the newest source observation (2026-07-24); one input series may be lagging.

FormulaIndex SPY and DCOILWTICO (both monthly avg) to 100 at the shared start

Methodology

SPDR S&P 500 ETF (SPY, daily adjusted close, Yahoo Finance) and West Texas Intermediate crude oil spot price (DCOILWTICO, daily, dollars per barrel, FRED), both rebased to 100 at their shared start. Both are averaged to monthly. Oil's volatility dominates the indexed scale; periods where the two diverge (oil falling while equities rise) reflect oil-specific supply shocks rather than broad-market moves.

Source series

SPYS&P 500 (SPY)USD (adjusted close)Daily · Not Seasonally Adjusted DCOILWTICOWTI crude oil (USD/bbl)Dollars per BarrelDaily · Not Seasonally Adjusted

Freshness

Data through: July 2026
Last refreshed: 24 Jul 2026
Native frequency: monthly

The site is refreshed separately from the source. Data through = the latest observation published by FRED and Yahoo Finance; last refreshed = when PIER20 last fetched the file.

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S&P 500 vs WTI crude oil

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