SPY vs TR: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tootsie Roll Industries, Inc. (TR) trade together? Their weekly returns over three years give a correlation of 0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TR?
On 3 years of weekly data the SPY/TR correlation comes out at 0.03, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.18) runs below the 3-year figure (0.03). The 5-year figure is 0.18, and annualized covariance runs at 10.4 %².
Within SPY's tracked universe of 4755 assets, TR comes in at #4505 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.5 percentage points (+20.6% for SPY against +4.1% for TR). One caveat on sizing: TR is 1.7 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 TR: side by side
| SPY (SPDR S&P 500 ETF Trust) | TR (Tootsie Roll Industries, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +4.1% |
| 5-year return | +82.4% | +57.7% |
| Volatility (ann.) | 14.5% | 25.1% |
| Beta vs S&P 500 | 1.00 | 0.05 |
| Max drawdown (3Y) | -18.8% | -20.0% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 32.2 |
| Dividend yield | 1.01% | 0.84% |
| 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 | TR |
|---|---|---|
| 2022 | -18.2% | +22.3% |
| 2023 | +26.2% | -18.8% |
| 2024 | +24.9% | +1.4% |
| 2025 | +17.7% | +17.9% |
| 2026 | +13.7% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TR good diversifiers for each other?
Yes. With a correlation of 0.03, SPY and TR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TR?
Using weekly returns as of 2026-08-27: 0.03 over 3 years, with -0.18 over the last year and 0.18 over 5 years.
Is TR a good diversifier for SPY?
Yes. With a correlation of 0.03, SPY and TR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
On the −1 to +1 scale, 0.03 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-tr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TR correlations
