SPY vs TPET: Correlation
SPDR S&P 500 ETF Trust (SPY) and Trio Petroleum Corp. (TPET) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TPET?
Over the past 3 years, SPY and TPET moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.16 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -604.3 %².
Within SPY's tracked universe of 4755 assets, TPET comes in at #4750 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 101.5 percentage points (+20.6% for SPY against -80.9% for TPET). Note the risk asymmetry: TPET runs 18.2 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 TPET: side by side
| SPY (SPDR S&P 500 ETF Trust) | TPET (Trio Petroleum Corp.) | |
|---|---|---|
| 1-year return | +20.6% | -80.9% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 264.2% |
| Beta vs S&P 500 | 1.00 | -2.89 |
| Max drawdown (3Y) | -18.8% | -98.5% |
| Market cap | – | – |
| 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 |
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 | TPET |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -80.5% |
| 2025 | +17.7% | -34.4% |
| 2026 | +13.7% | -72.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TPET good diversifiers for each other?
Yes. With a correlation of -0.16, SPY and TPET have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TPET?
The SPY/TPET correlation stands at -0.16 on a 3-year window (1 year: -0.18, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TPET a good diversifier for SPY?
Yes. With a correlation of -0.16, SPY and TPET have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 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
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Related comparisons
Hubs: SPY correlations · TPET correlations
