SPY vs TOST: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Toast, Inc. (TOST) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TOST?
Over the past 3 years, SPY and TOST moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 284.7 %².
Within SPY's tracked universe of 4755 assets, TOST comes in at #994 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 40.4 percentage points (+20.6% for SPY against -19.8% for TOST). Risk is not evenly split, since TOST carries 3.2 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 TOST: side by side
| SPY (SPDR S&P 500 ETF Trust) | TOST (Toast, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -19.8% |
| 5-year return | +82.4% | -43.7% |
| Volatility (ann.) | 14.5% | 47.1% |
| Beta vs S&P 500 | 1.00 | 1.36 |
| Max drawdown (3Y) | -18.8% | -54.7% |
| Market cap | – | $20.3B |
| P/E (trailing) | – | 46.9 |
| 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 | TOST |
|---|---|---|
| 2022 | -18.2% | -48.1% |
| 2023 | +26.2% | +1.3% |
| 2024 | +24.9% | +99.6% |
| 2025 | +17.7% | -2.6% |
| 2026 | +13.7% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TOST good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TOST?
The SPY/TOST correlation stands at 0.42 on a 3-year window (1 year: 0.26, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is TOST a good diversifier for SPY?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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-tost.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tost/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TOST correlations
