The mechanism of trailing vortex wandering has long been debated and often attributed to either wind-tunnel effects or a self-induced instability. We remove the effect of wandering from a measured velocity field by averaging and, through a triple decomposition, recover the coherent wandering motion. Based on this wandering motion, the most energetic structures are computed using the proper orthogonal decomposition (POD) and exhibit a helical mode |m| = 1 whose kinetic energy grows with downstream progression. As such, we hypothesize that a vortex instability underlies the wandering motion, and test this hypothesis by performing a spatial stability analysis of a matched Batchelor vortex, which is devoid of wind-tunnel effects. The primary stability mode is marginally stable and is nearly identical, in size and structure, to the principal POD mode. The strikingly similar structure coupled with the measured energy growth supports the proposition that the vortex wandering is the result of an instability. The cause of the wandering is the non-zero radial velocity of the |m| = 1-mode on the vortex centerline, transversely displacing the trailing vortex as observed in experiments. However, the marginal nature of the stability mode prevents any conclusion regarding the specific type of instability.