SPY vs TRDA: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Entrada Therapeutics, Inc. (TRDA) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRDA?
Across a 3-year window, the weekly returns of SPY and TRDA correlate at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at -0.05 versus 0.25 over 3 years. Stretching to 5 years gives 0.18, with an annualized covariance of 248.2 %².
By 3-year correlation, TRDA places #2776 of the 4755 assets tracked against SPY. The trailing year gives TRDA the advantage: +20.6% versus +28.0%, a 7.4-point spread. Note the risk asymmetry: TRDA runs 4.8 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 TRDA: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRDA (Entrada Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +28.0% |
| 5-year return | +82.4% | -69.6% |
| Volatility (ann.) | 14.5% | 69.2% |
| Beta vs S&P 500 | 1.00 | 1.19 |
| Max drawdown (3Y) | -18.8% | -76.7% |
| Market cap | – | $0.3B |
| 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 |
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 | TRDA |
|---|---|---|
| 2022 | -18.2% | -21.0% |
| 2023 | +26.2% | +11.6% |
| 2024 | +24.9% | +14.6% |
| 2025 | +17.7% | -40.5% |
| 2026 | +13.7% | -29.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRDA good diversifiers for each other?
Reasonably. At 0.25, SPY and TRDA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TRDA?
As of 2026-08-27, the correlation of weekly returns between SPY and TRDA is 0.25 over 3 years, -0.05 over 1 year and 0.18 over 5 years.
Is TRDA a good diversifier for SPY?
Reasonably. At 0.25, SPY and TRDA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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-trda.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-trda/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TRDA correlations
