SPY vs TRLV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Trulieve Cannabis Corp. Subordinate Voting Shares (TRLV) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRLV?
Across a 3-year window, the weekly returns of SPY and TRLV correlate at 0.16, weak. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.16). Stretching to 5 years gives 0.22, with an annualized covariance of 213.8 %².
By 3-year correlation, TRLV places #3650 of the 4755 assets tracked against SPY. Twelve-month performance is nearly a tie, at +20.6% for SPY and +22.7% for TRLV. One caveat on sizing: TRLV is 6.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TRLV: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRLV (Trulieve Cannabis Corp. Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | +20.6% | +22.7% |
| 5-year return | +82.4% | -59.1% |
| Volatility (ann.) | 14.5% | 89.9% |
| Beta vs S&P 500 | 1.00 | 1.02 |
| Max drawdown (3Y) | -18.8% | -77.5% |
| Market cap | – | $2.1B |
| 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 | TRLV |
|---|---|---|
| 2022 | -18.2% | -70.9% |
| 2023 | +26.2% | -31.2% |
| 2024 | +24.9% | -0.5% |
| 2025 | +17.7% | +67.6% |
| 2026 | +13.7% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRLV good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TRLV?
As of 2026-08-27, the correlation of weekly returns between SPY and TRLV is 0.16 over 3 years, 0.05 over 1 year and 0.22 over 5 years.
Is TRLV a good diversifier for SPY?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
A reading of 0.16 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-trlv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-trlv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TRLV correlations
