SPY vs TOPS: Correlation
SPDR S&P 500 ETF Trust (SPY) and TOP Ships, Inc. (TOPS) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TOPS?
On 3 years of weekly data the SPY/TOPS correlation comes out at 0.20, weak. Recent behaviour matches the longer record: 0.16 over 1 year against 0.20 over 3. The 5-year figure is 0.21, and annualized covariance runs at 226.7 %².
Among the 4755 assets we track against SPY, TOPS ranks #3290 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 106.5 points (+20.6% versus -85.9%). One caveat on sizing: TOPS is 5.4 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 TOPS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -85.9% |
| 5-year return | +82.4% | -99.7% |
| Volatility (ann.) | 14.5% | 78.4% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -96.5% |
| Market cap | – | – |
| P/E (trailing) | – | 1.2 |
| 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 | TOPS |
|---|---|---|
| 2022 | -18.2% | -92.4% |
| 2023 | +26.2% | +2.5% |
| 2024 | +24.9% | -61.4% |
| 2025 | +17.7% | -25.2% |
| 2026 | +13.7% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TOPS good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TOPS?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.16 over the last year and 0.21 over 5 years.
Is TOPS a good diversifier for SPY?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TOPS correlations
