SPY vs TOP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TOP Financial Group Limited - Class A (TOP) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TOP?
Over the past 3 years, SPY and TOP moved with a correlation of 0.10, which is weak. Recent behaviour matches the longer record: 0.09 over 1 year against 0.10 over 3. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 333.7 %².
Among the 4755 assets we track against SPY, TOP ranks #4116 by 3-year correlation. The last year tells two different stories: TOP led by 1197.3 percentage points, +20.6% for SPY against +1217.9% for TOP. Note the risk asymmetry: TOP runs 15.9 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 TOP: side by side
| SPY (SPDR S&P 500 ETF Trust) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | +20.6% | +1217.9% |
| 5-year return | +82.4% | -9.2% |
| Volatility (ann.) | 14.5% | 230.2% |
| Beta vs S&P 500 | 1.00 | 1.60 |
| Max drawdown (3Y) | -18.8% | -89.6% |
| Market cap | – | $1.9B |
| 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 | TOP |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | -22.5% |
| 2024 | +24.9% | -59.5% |
| 2025 | +17.7% | -34.3% |
| 2026 | +13.7% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TOP good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TOP?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.09 over the last year and 0.03 over 5 years.
Is TOP a good diversifier for SPY?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.10 mean?
A reading of 0.10 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-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TOP correlations
