SPY vs THCH: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TH International Limited (THCH) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THCH?
On 3 years of weekly data the SPY/THCH correlation comes out at 0.08, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.24 versus 0.08 over 3 years. The 5-year figure is 0.10, and annualized covariance runs at 71.9 %².
By 3-year correlation, THCH places #4247 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 69.2 percentage points, +20.6% for SPY against -48.6% for THCH. Risk is not evenly split, since THCH carries 4.4 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 THCH: side by side
| SPY (SPDR S&P 500 ETF Trust) | THCH (TH International Limited) | |
|---|---|---|
| 1-year return | +20.6% | -48.6% |
| 5-year return | +82.4% | -97.4% |
| Volatility (ann.) | 14.5% | 64.2% |
| Beta vs S&P 500 | 1.00 | 0.34 |
| Max drawdown (3Y) | -18.8% | -90.7% |
| Market cap | – | – |
| 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 |
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 | THCH |
|---|---|---|
| 2022 | -18.2% | -71.7% |
| 2023 | +26.2% | -37.1% |
| 2024 | +24.9% | -59.4% |
| 2025 | +17.7% | -29.9% |
| 2026 | +13.7% | -49.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THCH good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and THCH?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with 0.24 over the last year and 0.10 over 5 years.
Is THCH a good diversifier for SPY?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 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-thch.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-thch/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · THCH correlations
