SPY vs TITN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Titan Machinery Inc. (TITN) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TITN?
On 3 years of weekly data the SPY/TITN correlation comes out at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.38). The 5-year figure is 0.40, and annualized covariance runs at 265.7 %².
By 3-year correlation, TITN places #1397 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 32.9 percentage points (+20.6% for SPY against -12.3% for TITN). Risk is not evenly split, since TITN carries 3.4 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 TITN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TITN (Titan Machinery Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -12.3% |
| 5-year return | +82.4% | -35.8% |
| Volatility (ann.) | 14.5% | 48.9% |
| Beta vs S&P 500 | 1.00 | 1.27 |
| Max drawdown (3Y) | -18.8% | -58.5% |
| Market cap | – | $0.4B |
| 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 |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TITN |
|---|---|---|
| 2022 | -18.2% | +17.9% |
| 2023 | +26.2% | -27.3% |
| 2024 | +24.9% | -51.1% |
| 2025 | +17.7% | +6.4% |
| 2026 | +13.7% | +22.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TITN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TITN?
As of 2026-08-27, the correlation of weekly returns between SPY and TITN is 0.38 over 3 years, 0.26 over 1 year and 0.40 over 5 years.
Is TITN a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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-titn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-titn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TITN correlations
