SPY vs TDUP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and ThredUp Inc. (TDUP) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TDUP?
On 3 years of weekly data the SPY/TDUP correlation comes out at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.33). The 5-year figure is 0.29, and annualized covariance runs at 569.2 %².
By 3-year correlation, TDUP places #1910 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 97.3 points (+20.6% versus -76.7%). Risk is not evenly split, since TDUP carries 8.1 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 TDUP: side by side
| SPY (SPDR S&P 500 ETF Trust) | TDUP (ThredUp Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -76.7% |
| 5-year return | +82.4% | -86.2% |
| Volatility (ann.) | 14.5% | 117.6% |
| Beta vs S&P 500 | 1.00 | 2.72 |
| Max drawdown (3Y) | -18.8% | -87.2% |
| Market cap | – | $0.4B |
| 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 | TDUP |
|---|---|---|
| 2022 | -18.2% | -89.7% |
| 2023 | +26.2% | +71.8% |
| 2024 | +24.9% | -38.2% |
| 2025 | +17.7% | +359.7% |
| 2026 | +13.7% | -58.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TDUP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TDUP?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.20 over the last year and 0.29 over 5 years.
Is TDUP a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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-tdup.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tdup/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TDUP correlations
