SPY vs TCBK: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TriCo Bancshares (TCBK) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TCBK?
Across a 3-year window, the weekly returns of SPY and TCBK correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.38 over 3 years. Stretching to 5 years gives 0.33, with an annualized covariance of 158.3 %².
By 3-year correlation, TCBK places #1396 of the 4755 assets tracked against SPY. Twelve-month performance is nearly a tie, at +20.6% for SPY and +21.9% for TCBK. Note the risk asymmetry: TCBK runs 2.0 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 TCBK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCBK (TriCo Bancshares) | |
|---|---|---|
| 1-year return | +20.6% | +21.9% |
| 5-year return | +82.4% | +59.3% |
| Volatility (ann.) | 14.5% | 29.1% |
| Beta vs S&P 500 | 1.00 | 0.76 |
| Max drawdown (3Y) | -18.8% | -27.9% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 1.01% | 2.66% |
| 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 | TCBK |
|---|---|---|
| 2022 | -18.2% | +21.5% |
| 2023 | +26.2% | -13.0% |
| 2024 | +24.9% | +5.1% |
| 2025 | +17.7% | +11.9% |
| 2026 | +13.7% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCBK good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TCBK?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.12 over the last year and 0.33 over 5 years.
Is TCBK a good diversifier for SPY?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tcbk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tcbk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TCBK correlations
