SPY vs WPC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and W. P. Carey Inc. REIT (WPC) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WPC?
On 3 years of weekly data the SPY/WPC correlation comes out at 0.21, weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.21). The 5-year figure is 0.35, and annualized covariance runs at 62.3 %².
By 3-year correlation, WPC places #3200 of the 4755 assets tracked against SPY. Over the last 12 months SPY came out ahead by 9.4 percentage points (+20.6% against +11.2%).
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 WPC: side by side
| SPY (SPDR S&P 500 ETF Trust) | WPC (W. P. Carey Inc. REIT) | |
|---|---|---|
| 1-year return | +20.6% | +11.2% |
| 5-year return | +82.4% | +23.0% |
| Volatility (ann.) | 14.5% | 20.9% |
| Beta vs S&P 500 | 1.00 | 0.30 |
| Max drawdown (3Y) | -18.8% | -19.6% |
| Market cap | – | $16.0B |
| P/E (trailing) | – | 24.4 |
| Dividend yield | 1.01% | 5.20% |
| 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 | WPC |
|---|---|---|
| 2022 | -18.2% | +0.5% |
| 2023 | +26.2% | -9.9% |
| 2024 | +24.9% | -10.6% |
| 2025 | +17.7% | +25.0% |
| 2026 | +13.7% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WPC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WPC?
The SPY/WPC correlation stands at 0.21 on a 3-year window (1 year: 0.07, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is WPC a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wpc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wpc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WPC correlations
