SPY vs THFF: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and First Financial Corporation (THFF) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THFF?
Over the past 3 years, SPY and THFF moved with a correlation of 0.42, which is moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.42). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 169.9 %².
Within SPY's tracked universe of 4755 assets, THFF comes in at #993 by 3-year correlation. The last year tells two different stories: THFF led by 18.2 percentage points, +20.6% for SPY against +38.8% for THFF. One caveat on sizing: THFF is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 THFF: side by side
| SPY (SPDR S&P 500 ETF Trust) | THFF (First Financial Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +38.8% |
| 5-year return | +82.4% | +135.2% |
| Volatility (ann.) | 14.5% | 28.2% |
| Beta vs S&P 500 | 1.00 | 0.81 |
| Max drawdown (3Y) | -18.8% | -20.2% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | 11.1 |
| Dividend yield | 1.01% | 2.77% |
| 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 | THFF |
|---|---|---|
| 2022 | -18.2% | +4.4% |
| 2023 | +26.2% | -2.6% |
| 2024 | +24.9% | +11.1% |
| 2025 | +17.7% | +36.2% |
| 2026 | +13.7% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THFF good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and THFF?
The SPY/THFF correlation stands at 0.42 on a 3-year window (1 year: 0.14, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is THFF a good diversifier for SPY?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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-thff.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-thff/)
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Related comparisons
Hubs: SPY correlations · THFF correlations
