SPY vs THRM: Correlation
SPDR S&P 500 ETF Trust (SPY) and Gentherm Inc (THRM) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THRM?
Across a 3-year window, the weekly returns of SPY and THRM correlate at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.41). Stretching to 5 years gives 0.43, with an annualized covariance of 217.5 %².
Within SPY's tracked universe of 4755 assets, THRM comes in at #1089 by 3-year correlation. Over the last 12 months SPY came out ahead by 12.0 percentage points (+20.6% against +8.6%). One caveat on sizing: THRM is 2.5 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 THRM: side by side
| SPY (SPDR S&P 500 ETF Trust) | THRM (Gentherm Inc) | |
|---|---|---|
| 1-year return | +20.6% | +8.6% |
| 5-year return | +82.4% | -54.0% |
| Volatility (ann.) | 14.5% | 36.4% |
| Beta vs S&P 500 | 1.00 | 1.04 |
| Max drawdown (3Y) | -18.8% | -61.8% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 47.0 |
| 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 | THRM |
|---|---|---|
| 2022 | -18.2% | -24.9% |
| 2023 | +26.2% | -19.8% |
| 2024 | +24.9% | -23.8% |
| 2025 | +17.7% | -8.9% |
| 2026 | +13.7% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THRM good diversifiers for each other?
Reasonably. At 0.41, SPY and THRM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and THRM?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.29 over the last year and 0.43 over 5 years.
Is THRM a good diversifier for SPY?
Reasonably. At 0.41, SPY and THRM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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-thrm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-thrm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · THRM correlations
