SPY vs WCN: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Waste Connections, Inc. (WCN) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WCN?
Over the past 3 years, SPY and WCN moved with a correlation of 0.19, which is weak. The link has loosened recently: the 1-year correlation (-0.11) runs below the 3-year figure (0.19). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 49.1 %².
Among the 4755 assets we track against SPY, WCN ranks #3399 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 29.6 percentage points (+20.6% for SPY against -9.0% for WCN).
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 WCN: side by side
| SPY (SPDR S&P 500 ETF Trust) | WCN (Waste Connections, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -9.0% |
| 5-year return | +82.4% | +33.1% |
| Volatility (ann.) | 14.5% | 18.2% |
| Beta vs S&P 500 | 1.00 | 0.23 |
| Max drawdown (3Y) | -18.8% | -24.9% |
| Market cap | – | $41.7B |
| P/E (trailing) | – | 40.3 |
| Dividend yield | 1.01% | 0.82% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WCN |
|---|---|---|
| 2022 | -18.2% | -2.0% |
| 2023 | +26.2% | +13.5% |
| 2024 | +24.9% | +15.7% |
| 2025 | +17.7% | +2.7% |
| 2026 | +13.7% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WCN good diversifiers for each other?
Yes. With a correlation of 0.19, SPY and WCN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and WCN?
The SPY/WCN correlation stands at 0.19 on a 3-year window (1 year: -0.11, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is WCN a good diversifier for SPY?
Yes. With a correlation of 0.19, SPY and WCN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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
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Related comparisons
Hubs: SPY correlations · WCN correlations
