SPY vs TRI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Thomson Reuters Corp (TRI) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRI?
Over the past 3 years, SPY and TRI moved with a correlation of 0.24, which is weak. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 110.7 %².
Within SPY's tracked universe of 4755 assets, TRI comes in at #2889 by 3-year correlation. The last year tells two different stories: SPY led by 58.2 percentage points, +20.6% for SPY against -37.6% for TRI. Note the risk asymmetry: TRI runs 2.2 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 TRI: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRI (Thomson Reuters Corp) | |
|---|---|---|
| 1-year return | +20.6% | -37.6% |
| 5-year return | +82.4% | -0.4% |
| Volatility (ann.) | 14.5% | 32.0% |
| Beta vs S&P 500 | 1.00 | 0.53 |
| Max drawdown (3Y) | -18.8% | -62.9% |
| Market cap | – | $45.4B |
| P/E (trailing) | – | 27.6 |
| Dividend yield | 1.01% | 2.48% |
| 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 | TRI |
|---|---|---|
| 2022 | -18.2% | -3.0% |
| 2023 | +26.2% | +30.0% |
| 2024 | +24.9% | +11.1% |
| 2025 | +17.7% | -16.6% |
| 2026 | +13.7% | -17.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRI good diversifiers for each other?
Reasonably. At 0.24, SPY and TRI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TRI?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.15 over the last year and 0.35 over 5 years.
Is TRI a good diversifier for SPY?
Reasonably. At 0.24, SPY and TRI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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.
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Related comparisons
Hubs: SPY correlations · TRI correlations
