SPY vs WY: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Weyerhaeuser (WY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WY?
Over the past 3 years, SPY and WY moved with a correlation of 0.37, which is moderate. The past 12 months show a weaker link (0.03) than the 3-year average (0.37). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 133.2 %².
Within SPY's tracked universe of 4755 assets, WY comes in at #1507 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 26.7 percentage points (+20.6% for SPY against -6.1% for WY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.04 to 0.77. Note the risk asymmetry: WY runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WY: side by side
| SPY (SPDR S&P 500 ETF Trust) | WY (Weyerhaeuser) | |
|---|---|---|
| 1-year return | +20.6% | -6.1% |
| 5-year return | +82.4% | -19.5% |
| Volatility (ann.) | 14.5% | 24.8% |
| Beta vs S&P 500 | 1.00 | 0.64 |
| Max drawdown (3Y) | -18.8% | -38.0% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 36.5 |
| Dividend yield | 1.01% | 3.49% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Real Estate |
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 | WY |
|---|---|---|
| 2022 | -18.2% | -20.4% |
| 2023 | +26.2% | +18.0% |
| 2024 | +24.9% | -16.6% |
| 2025 | +17.7% | -13.0% |
| 2026 | +13.7% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WY good diversifiers for each other?
Reasonably. At 0.37, SPY and WY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.03 over the last year and 0.51 over 5 years.
Is WY a good diversifier for SPY?
Reasonably. At 0.37, SPY and WY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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
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Related comparisons
Hubs: SPY correlations · WY correlations
