SPY vs WEC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and WEC Energy Group (WEC) carry a correlation of 0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WEC?
Over the past 3 years, SPY and WEC moved with a correlation of 0.02, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.20) than the 3-year average (0.02). Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 4.5 %².
Within SPY's tracked universe of 4755 assets, WEC comes in at #4543 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 18.5 percentage points (+20.6% for SPY against +2.1% for WEC). The relationship is regime-dependent: the rolling one-year correlation swung between -0.25 and 0.46 over the past three years, so this pair behaves very differently depending on the market environment.
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 WEC: side by side
| SPY (SPDR S&P 500 ETF Trust) | WEC (WEC Energy Group) | |
|---|---|---|
| 1-year return | +20.6% | +2.1% |
| 5-year return | +82.4% | +32.7% |
| Volatility (ann.) | 14.5% | 16.9% |
| Beta vs S&P 500 | 1.00 | 0.02 |
| Max drawdown (3Y) | -18.8% | -11.6% |
| Market cap | – | $34.6B |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 1.01% | 3.43% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Utilities |
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 | WEC |
|---|---|---|
| 2022 | -18.2% | -0.5% |
| 2023 | +26.2% | -7.0% |
| 2024 | +24.9% | +16.1% |
| 2025 | +17.7% | +16.0% |
| 2026 | +13.7% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
WEC represents 0.05% of SPY's portfolio, so part of any move in SPY is WEC itself, and the correlation between them is partly mechanical.
Are SPY and WEC good diversifiers for each other?
Yes. With a correlation of 0.02, SPY and WEC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and WEC?
As of 2026-08-27, the correlation of weekly returns between SPY and WEC is 0.02 over 3 years, -0.20 over 1 year and 0.25 over 5 years.
Is WEC a good diversifier for SPY?
Yes. With a correlation of 0.02, SPY and WEC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.02 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: SPY correlations · WEC correlations
