SPY vs TORO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Toro Corp. (TORO) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TORO?
Over the past 3 years, SPY and TORO moved with a correlation of 0.18, which is weak. Recent behaviour matches the longer record: 0.09 over 1 year against 0.18 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 202.0 %².
By 3-year correlation, TORO places #3494 of the 4755 assets tracked against SPY. The last year tells two different stories: TORO led by 255.7 percentage points, +20.6% for SPY against +276.3% for TORO. Note the risk asymmetry: TORO runs 5.4 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 TORO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TORO (Toro Corp.) | |
|---|---|---|
| 1-year return | +20.6% | +276.3% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 78.4% |
| Beta vs S&P 500 | 1.00 | 0.97 |
| Max drawdown (3Y) | -18.8% | -71.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 311.5 |
| 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 | TORO |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -42.9% |
| 2025 | +17.7% | +87.9% |
| 2026 | +13.7% | +96.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TORO good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TORO?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.09 over the last year and n/a over 5 years.
Is TORO a good diversifier for SPY?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 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-toro.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-toro/)
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Related comparisons
Hubs: SPY correlations · TORO correlations
