SPY vs TRC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tejon Ranch Co (TRC) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRC?
Over the past 3 years, SPY and TRC moved with a correlation of 0.27, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.27 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 91.2 %².
Among the 4755 assets we track against SPY, TRC ranks #2583 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.7 percentage points (+20.6% for SPY against -7.1% for TRC). Risk is not evenly split, since TRC carries 1.6 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 TRC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRC (Tejon Ranch Co) | |
|---|---|---|
| 1-year return | +20.6% | -7.1% |
| 5-year return | +82.4% | -15.6% |
| Volatility (ann.) | 14.5% | 23.7% |
| Beta vs S&P 500 | 1.00 | 0.44 |
| Max drawdown (3Y) | -18.8% | -24.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 73.4 |
| 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 | TRC |
|---|---|---|
| 2022 | -18.2% | -1.3% |
| 2023 | +26.2% | -8.7% |
| 2024 | +24.9% | -7.6% |
| 2025 | +17.7% | -0.8% |
| 2026 | +13.7% | +2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRC good diversifiers for each other?
Reasonably. At 0.27, SPY and TRC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TRC?
As of 2026-08-27, the correlation of weekly returns between SPY and TRC is 0.27 over 3 years, 0.04 over 1 year and 0.45 over 5 years.
Is TRC a good diversifier for SPY?
Reasonably. At 0.27, SPY and TRC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: SPY correlations · TRC correlations
