COOK vs SPY: Correlation
Measured on weekly returns over the past three years, Traeger, Inc. (COOK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COOK and SPY?
Over the past 3 years, COOK and SPY moved with a correlation of 0.36, which is moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.36 over 3. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 396.6 %².
Among the 11 assets we track against COOK, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 32.2 percentage points, -11.6% for COOK against +20.6% for SPY. Note the risk asymmetry: COOK runs 5.2 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.
COOK vs SPY: side by side
| COOK (Traeger, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.6% | +20.6% |
| 5-year return | -95.7% | +82.4% |
| Volatility (ann.) | 75.7% | 14.5% |
| Beta vs S&P 500 | 1.90 | 1.00 |
| Max drawdown (3Y) | -89.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | COOK | SPY |
|---|---|---|
| 2022 | -76.8% | -18.2% |
| 2023 | -3.2% | +26.2% |
| 2024 | -12.5% | +24.9% |
| 2025 | -54.8% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COOK and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COOK and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.40 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for COOK?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: COOK correlations · SPY correlations
