SPY vs WM: Correlation
SPDR S&P 500 ETF Trust (SPY) and Waste Management (WM) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WM?
Across a 3-year window, the weekly returns of SPY and WM correlate at 0.05, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.26) than the 3-year average (0.05). Stretching to 5 years gives 0.27, with an annualized covariance of 13.6 %².
Among the 4755 assets we track against SPY, WM ranks #4398 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.6 percentage points (+20.6% for SPY against -2.0% for WM). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.27 to 0.40.
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 WM: side by side
| SPY (SPDR S&P 500 ETF Trust) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +20.6% | -2.0% |
| 5-year return | +82.4% | +51.8% |
| Volatility (ann.) | 14.5% | 18.3% |
| Beta vs S&P 500 | 1.00 | 0.07 |
| Max drawdown (3Y) | -18.8% | -18.1% |
| Market cap | – | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 1.01% | 1.60% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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 | WM |
|---|---|---|
| 2022 | -18.2% | -4.5% |
| 2023 | +26.2% | +16.2% |
| 2024 | +24.9% | +14.3% |
| 2025 | +17.7% | +10.5% |
| 2026 | +13.7% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds WM at a 0.12% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and WM good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and WM?
The SPY/WM correlation stands at 0.05 on a 3-year window (1 year: -0.26, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for SPY?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
A reading of 0.05 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wm/)
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Related comparisons
Hubs: SPY correlations · WM correlations
