SPY vs THO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Thor Industries, Inc. (THO) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THO?
Across a 3-year window, the weekly returns of SPY and THO correlate at 0.46, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.46). Stretching to 5 years gives 0.50, with an annualized covariance of 247.9 %².
By 3-year correlation, THO places #678 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 49.8 percentage points (+20.6% for SPY against -29.2% for THO). Note the risk asymmetry: THO 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 THO: side by side
| SPY (SPDR S&P 500 ETF Trust) | THO (Thor Industries, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -29.2% |
| 5-year return | +82.4% | -26.9% |
| Volatility (ann.) | 14.5% | 37.1% |
| Beta vs S&P 500 | 1.00 | 1.19 |
| Max drawdown (3Y) | -18.8% | -48.4% |
| Market cap | – | $4.0B |
| P/E (trailing) | – | 15.4 |
| Dividend yield | 1.01% | 2.65% |
| 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 | THO |
|---|---|---|
| 2022 | -18.2% | -25.6% |
| 2023 | +26.2% | +59.8% |
| 2024 | +24.9% | -17.9% |
| 2025 | +17.7% | +9.7% |
| 2026 | +13.7% | -24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THO good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and THO?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.22 over the last year and 0.50 over 5 years.
Is THO a good diversifier for SPY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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 · THO correlations
