SPY vs WSC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and WillScot Holdings Corporation (WSC) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WSC?
Across a 3-year window, the weekly returns of SPY and WSC correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.43 versus 0.54 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 358.9 %².
Among the 4755 assets we track against SPY, WSC ranks #327 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 35.5 points (+20.6% versus -14.9%). One caveat on sizing: WSC is 3.2 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 WSC: side by side
| SPY (SPDR S&P 500 ETF Trust) | WSC (WillScot Holdings Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -14.9% |
| 5-year return | +82.4% | -27.7% |
| Volatility (ann.) | 14.5% | 45.9% |
| Beta vs S&P 500 | 1.00 | 1.72 |
| Max drawdown (3Y) | -18.8% | -70.7% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.31% |
| 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 | WSC |
|---|---|---|
| 2022 | -18.2% | +10.6% |
| 2023 | +26.2% | -1.5% |
| 2024 | +24.9% | -24.8% |
| 2025 | +17.7% | -43.1% |
| 2026 | +13.7% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WSC good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and WSC?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.43 over the last year and 0.52 over 5 years.
Is WSC a good diversifier for SPY?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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.
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Related comparisons
Hubs: SPY correlations · WSC correlations
