SPY vs WFG: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and West Fraser Timber Co. Ltd (WFG) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WFG?
Across a 3-year window, the weekly returns of SPY and WFG correlate at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 130.9 %².
Within SPY's tracked universe of 4755 assets, WFG comes in at #2019 by 3-year correlation. The last year tells two different stories: SPY led by 24.2 percentage points, +20.6% for SPY against -3.6% for WFG. One caveat on sizing: WFG is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WFG: side by side
| SPY (SPDR S&P 500 ETF Trust) | WFG (West Fraser Timber Co. Ltd) | |
|---|---|---|
| 1-year return | +20.6% | -3.6% |
| 5-year return | +82.4% | -6.2% |
| Volatility (ann.) | 14.5% | 28.1% |
| Beta vs S&P 500 | 1.00 | 0.63 |
| Max drawdown (3Y) | -18.8% | -42.0% |
| Market cap | – | $5.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.89% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WFG |
|---|---|---|
| 2022 | -18.2% | -23.1% |
| 2023 | +26.2% | +20.3% |
| 2024 | +24.9% | +2.6% |
| 2025 | +17.7% | -28.8% |
| 2026 | +13.7% | +14.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WFG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WFG?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.23 over the last year and 0.35 over 5 years.
Is WFG a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wfg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wfg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WFG correlations
