SPY vs TRIN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Trinity Capital Inc. (TRIN) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRIN?
Over the past 3 years, SPY and TRIN moved with a correlation of 0.44, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.54 versus 0.44 over 3 years. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 117.5 %².
Among the 4755 assets we track against SPY, TRIN ranks #828 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRIN ahead by 15.0 points (+20.6% versus +35.6%).
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 TRIN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRIN (Trinity Capital Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +35.6% |
| 5-year return | +82.4% | +139.8% |
| Volatility (ann.) | 14.5% | 18.5% |
| Beta vs S&P 500 | 1.00 | 0.56 |
| Max drawdown (3Y) | -18.8% | -15.6% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 10.7 |
| Dividend yield | 1.01% | 10.89% |
| 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 | TRIN |
|---|---|---|
| 2022 | -18.2% | -26.6% |
| 2023 | +26.2% | +54.0% |
| 2024 | +24.9% | +14.8% |
| 2025 | +17.7% | +16.0% |
| 2026 | +13.7% | +38.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRIN good diversifiers for each other?
Reasonably. At 0.44, SPY and TRIN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TRIN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.54 over the last year and 0.48 over 5 years.
Is TRIN a good diversifier for SPY?
Reasonably. At 0.44, SPY and TRIN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 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 · TRIN correlations
