SPY vs TGB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Trekor Metals Limited (TGB) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TGB?
Across a 3-year window, the weekly returns of SPY and TGB correlate at 0.44, moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.44 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 395.7 %².
By 3-year correlation, TGB places #825 of the 4755 assets tracked against SPY. The last year tells two different stories: TGB led by 183.8 percentage points, +20.6% for SPY against +204.4% for TGB. Note the risk asymmetry: TGB runs 4.3 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 TGB: side by side
| SPY (SPDR S&P 500 ETF Trust) | TGB (Trekor Metals Limited) | |
|---|---|---|
| 1-year return | +20.6% | +204.4% |
| 5-year return | +82.4% | +450.0% |
| Volatility (ann.) | 14.5% | 62.1% |
| Beta vs S&P 500 | 1.00 | 1.89 |
| Max drawdown (3Y) | -18.8% | -44.3% |
| Market cap | – | $3.5B |
| P/E (trailing) | – | 484.0 |
| Dividend yield | 1.01% | 0.00% |
| 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 | TGB |
|---|---|---|
| 2022 | -18.2% | -28.3% |
| 2023 | +26.2% | -4.8% |
| 2024 | +24.9% | +38.6% |
| 2025 | +17.7% | +191.8% |
| 2026 | +13.7% | +71.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TGB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TGB?
As of 2026-08-27, the correlation of weekly returns between SPY and TGB is 0.44 over 3 years, 0.50 over 1 year and 0.44 over 5 years.
Is TGB a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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 · TGB correlations
