SPY vs TMQ: Correlation
SPDR S&P 500 ETF Trust (SPY) and Trilogy Metals Inc. (TMQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TMQ?
Over the past 3 years, SPY and TMQ moved with a correlation of 0.03, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.03 over 3 years. Over 5 years the correlation is 0.08, and the annualized covariance of weekly returns is 58.8 %².
By 3-year correlation, TMQ places #4504 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months TMQ outperformed by 105.7 percentage points (+20.6% for SPY against +126.3% for TMQ). Risk is not evenly split, since TMQ carries 9.1 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 TMQ: side by side
| SPY (SPDR S&P 500 ETF Trust) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +126.3% |
| 5-year return | +82.4% | +85.3% |
| Volatility (ann.) | 14.5% | 131.6% |
| Beta vs S&P 500 | 1.00 | 0.28 |
| Max drawdown (3Y) | -18.8% | -72.5% |
| Market cap | – | $0.7B |
| 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, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TMQ |
|---|---|---|
| 2022 | -18.2% | -66.7% |
| 2023 | +26.2% | -21.8% |
| 2024 | +24.9% | +169.8% |
| 2025 | +17.7% | +271.6% |
| 2026 | +13.7% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TMQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TMQ?
Using weekly returns as of 2026-08-27: 0.03 over 3 years, with -0.08 over the last year and 0.08 over 5 years.
Is TMQ a good diversifier for SPY?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 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 · TMQ correlations
