SPY vs TOYO: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TOYO Co., Ltd (TOYO) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TOYO?
Over the past 3 years, SPY and TOYO moved with a correlation of 0.05, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.32) than the 3-year average (0.05). Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 71.3 %².
Among the 4755 assets we track against SPY, TOYO ranks #4397 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 34.2 points (+20.6% versus -13.6%). Risk is not evenly split, since TOYO carries 7.4 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 TOYO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TOYO (TOYO Co., Ltd) | |
|---|---|---|
| 1-year return | +20.6% | -13.6% |
| 5-year return | +82.4% | -54.4% |
| Volatility (ann.) | 14.5% | 107.7% |
| Beta vs S&P 500 | 1.00 | 0.34 |
| Max drawdown (3Y) | -18.8% | -86.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 2.1 |
| 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 | TOYO |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | +8.0% |
| 2024 | +24.9% | -69.3% |
| 2025 | +17.7% | +73.4% |
| 2026 | +13.7% | -23.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TOYO good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TOYO?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.32 over the last year and 0.03 over 5 years.
Is TOYO a good diversifier for SPY?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
A reading of 0.05 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 · TOYO correlations
