SPY vs WNC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Wabash National Corporation (WNC) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WNC?
Across a 3-year window, the weekly returns of SPY and WNC correlate at 0.20, weak. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.20). Stretching to 5 years gives 0.29, with an annualized covariance of 145.9 %².
By 3-year correlation, WNC places #3300 of the 4755 assets tracked against SPY. Twelve-month performance is nearly a tie, at +20.6% for SPY and +19.0% for WNC. Risk is not evenly split, since WNC carries 3.4 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.
SPY vs WNC: side by side
| SPY (SPDR S&P 500 ETF Trust) | WNC (Wabash National Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +19.0% |
| 5-year return | +82.4% | -6.2% |
| Volatility (ann.) | 14.5% | 49.9% |
| Beta vs S&P 500 | 1.00 | 0.70 |
| Max drawdown (3Y) | -18.8% | -76.4% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 2.56% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | SPY | WNC |
|---|---|---|
| 2022 | -18.2% | +18.2% |
| 2023 | +26.2% | +14.9% |
| 2024 | +24.9% | -32.2% |
| 2025 | +17.7% | -48.1% |
| 2026 | +13.7% | +56.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WNC good diversifiers for each other?
Reasonably. At 0.20, SPY and WNC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WNC?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.09 over the last year and 0.29 over 5 years.
Is WNC a good diversifier for SPY?
Reasonably. At 0.20, SPY and WNC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 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-wnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wnc/)
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Related comparisons
Hubs: SPY correlations · WNC correlations
