SPY vs TREX: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Trex Company, Inc. (TREX) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TREX?
Across a 3-year window, the weekly returns of SPY and TREX correlate at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 309.7 %².
By 3-year correlation, TREX places #606 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 47.9 percentage points (+20.6% for SPY against -27.3% for TREX). Note the risk asymmetry: TREX runs 3.1 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 TREX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TREX (Trex Company, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -27.3% |
| 5-year return | +82.4% | -58.7% |
| Volatility (ann.) | 14.5% | 45.3% |
| Beta vs S&P 500 | 1.00 | 1.48 |
| Max drawdown (3Y) | -18.8% | -69.9% |
| Market cap | – | $4.7B |
| P/E (trailing) | – | 27.4 |
| 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 | TREX |
|---|---|---|
| 2022 | -18.2% | -68.7% |
| 2023 | +26.2% | +95.6% |
| 2024 | +24.9% | -16.6% |
| 2025 | +17.7% | -49.2% |
| 2026 | +13.7% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TREX good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TREX?
The SPY/TREX correlation stands at 0.47 on a 3-year window (1 year: 0.46, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is TREX a good diversifier for SPY?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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-trex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-trex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TREX correlations
