We study the formal properties of correspondences of curves without a core, focusing on the case of '{e}tale correspondences. The motivating examples come from Hecke correspondences of Shimura curves. Given a correspondence without a core, we construct an infinite graph together with a large group of “algebraic” automorphisms . The graph measures the “generic dynamics” of the correspondence. We construct specialization maps to the “physical dynamics” of the correspondence. We also prove results on the number of bounded '{e}tale orbits, in particular generalizing a recent theorem of Hallouin and Perret. We use a variety of techniques: Galois theory, the theory of groups acting on infinite graphs, and finite group schemes.

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