SPY vs TFPM: Correlation
SPDR S&P 500 ETF Trust (SPY) and Triple Flag Precious Metals Corp. (TFPM) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TFPM?
On 3 years of weekly data the SPY/TFPM correlation comes out at 0.24, weak. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. The 5-year figure is 0.21, and annualized covariance runs at 130.4 %².
Among the 4755 assets we track against SPY, TFPM ranks #2886 by 3-year correlation. On 12-month performance TFPM holds a 12.8-point edge, +20.6% against +33.4%. Note the risk asymmetry: TFPM runs 2.6 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 TFPM: side by side
| SPY (SPDR S&P 500 ETF Trust) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +20.6% | +33.4% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 37.3% |
| Beta vs S&P 500 | 1.00 | 0.62 |
| Max drawdown (3Y) | -18.8% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | 1.01% | 0.66% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TFPM |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | -1.8% |
| 2024 | +24.9% | +14.6% |
| 2025 | +17.7% | +122.2% |
| 2026 | +13.7% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TFPM good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TFPM?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.32 over the last year and 0.21 over 5 years.
Is TFPM a good diversifier for SPY?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SPY correlations · TFPM correlations
