SPY vs THM: Correlation
SPDR S&P 500 ETF Trust (SPY) and International Tower Hill Mines, Ltd. (THM) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THM?
On 3 years of weekly data the SPY/THM correlation comes out at 0.20, weak. The past 12 months show a tighter link (0.47) than the 3-year average (0.20). The 5-year figure is 0.17, and annualized covariance runs at 265.5 %².
Among the 4755 assets we track against SPY, THM ranks #3288 by 3-year correlation. Correlation aside, the last 12 months split them widely, with THM ahead by 80.1 points (+20.6% versus +100.7%). Risk is not evenly split, since THM carries 6.2 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 THM: side by side
| SPY (SPDR S&P 500 ETF Trust) | THM (International Tower Hill Mines, Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | +100.7% |
| 5-year return | +82.4% | +222.1% |
| Volatility (ann.) | 14.5% | 89.9% |
| Beta vs S&P 500 | 1.00 | 1.27 |
| Max drawdown (3Y) | -18.8% | -51.5% |
| 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 |
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 | THM |
|---|---|---|
| 2022 | -18.2% | -41.1% |
| 2023 | +26.2% | +37.2% |
| 2024 | +24.9% | -22.0% |
| 2025 | +17.7% | +304.3% |
| 2026 | +13.7% | +48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THM good diversifiers for each other?
Reasonably. At 0.20, SPY and THM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and THM?
The SPY/THM correlation stands at 0.20 on a 3-year window (1 year: 0.47, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is THM a good diversifier for SPY?
Reasonably. At 0.20, SPY and THM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · THM correlations
