CWST vs SPY: Correlation
Measured on weekly returns over the past three years, Casella Waste Systems, Inc. (CWST) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWST and SPY?
On 3 years of weekly data the CWST/SPY correlation comes out at 0.22, weak. The past 12 months show a weaker link (0.04) than the 3-year average (0.22). The 5-year figure is 0.28, and annualized covariance runs at 83.4 %².
Among the 11 assets we track against CWST, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.7 percentage points (-7.1% for CWST against +20.6% for SPY). Risk is not evenly split, since CWST carries 1.8 times the volatility of the other side.
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.
CWST vs SPY: side by side
| CWST (Casella Waste Systems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.1% | +20.6% |
| 5-year return | +25.0% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -37.7% | -18.8% |
| Market cap | $5.9B | – |
| P/E (trailing) | 1162.5 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CWST | SPY |
|---|---|---|
| 2022 | -7.2% | -18.2% |
| 2023 | +7.8% | +26.2% |
| 2024 | +23.8% | +24.9% |
| 2025 | -7.4% | +17.7% |
| 2026 | -5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWST and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CWST and SPY?
The CWST/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.04, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CWST?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CWST correlations · SPY correlations
