SPY vs TBI: Correlation
SPDR S&P 500 ETF Trust (SPY) and TrueBlue, Inc. (TBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TBI?
Across a 3-year window, the weekly returns of SPY and TBI correlate at 0.32, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.32 over 3. Stretching to 5 years gives 0.35, with an annualized covariance of 302.5 %².
Among the 4755 assets we track against SPY, TBI ranks #2014 by 3-year correlation. The last year tells two different stories: TBI led by 55.0 percentage points, +20.6% for SPY against +75.6% for TBI. Risk is not evenly split, since TBI carries 4.5 times the volatility of the other side.
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 TBI: side by side
| SPY (SPDR S&P 500 ETF Trust) | TBI (TrueBlue, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +75.6% |
| 5-year return | +82.4% | -60.9% |
| Volatility (ann.) | 14.5% | 65.3% |
| Beta vs S&P 500 | 1.00 | 1.45 |
| Max drawdown (3Y) | -18.8% | -79.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | TBI |
|---|---|---|
| 2022 | -18.2% | -29.2% |
| 2023 | +26.2% | -21.7% |
| 2024 | +24.9% | -45.2% |
| 2025 | +17.7% | -45.8% |
| 2026 | +13.7% | +134.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TBI good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TBI?
As of 2026-08-27, the correlation of weekly returns between SPY and TBI is 0.32 over 3 years, 0.35 over 1 year and 0.35 over 5 years.
Is TBI a good diversifier for SPY?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TBI correlations
