SPY vs THRY: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Thryv Holdings, Inc. (THRY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THRY?
On 3 years of weekly data the SPY/THRY correlation comes out at 0.27, weak. The past 12 months show a weaker link (0.09) than the 3-year average (0.27). The 5-year figure is 0.33, and annualized covariance runs at 256.3 %².
By 3-year correlation, THRY places #2582 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 106.1 percentage points (+20.6% for SPY against -85.5% for THRY). One caveat on sizing: THRY is 4.5 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 THRY: side by side
| SPY (SPDR S&P 500 ETF Trust) | THRY (Thryv Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -85.5% |
| 5-year return | +82.4% | -93.9% |
| Volatility (ann.) | 14.5% | 64.7% |
| Beta vs S&P 500 | 1.00 | 1.23 |
| Max drawdown (3Y) | -18.8% | -92.1% |
| Market cap | – | $0.1B |
| 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 | THRY |
|---|---|---|
| 2022 | -18.2% | -53.8% |
| 2023 | +26.2% | +7.1% |
| 2024 | +24.9% | -27.3% |
| 2025 | +17.7% | -59.1% |
| 2026 | +13.7% | -68.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THRY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and THRY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.09 over the last year and 0.33 over 5 years.
Is THRY a good diversifier for SPY?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
A reading of 0.27 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-thry.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-thry/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · THRY correlations
