SPY vs TRMD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TORM plc (TRMD) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRMD?
Across a 3-year window, the weekly returns of SPY and TRMD correlate at 0.22, weak. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. Stretching to 5 years gives 0.20, with an annualized covariance of 125.8 %².
Within SPY's tracked universe of 4755 assets, TRMD comes in at #3085 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TRMD outperformed by 40.8 percentage points (+20.6% for SPY against +61.4% for TRMD). One caveat on sizing: TRMD is 2.7 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 TRMD: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRMD (TORM plc) | |
|---|---|---|
| 1-year return | +20.6% | +61.4% |
| 5-year return | +82.4% | +679.6% |
| Volatility (ann.) | 14.5% | 39.6% |
| Beta vs S&P 500 | 1.00 | 0.60 |
| Max drawdown (3Y) | -18.8% | -60.6% |
| Market cap | – | $3.3B |
| P/E (trailing) | – | 5.2 |
| Dividend yield | 1.01% | 7.05% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TRMD |
|---|---|---|
| 2022 | -18.2% | +297.7% |
| 2023 | +26.2% | +31.6% |
| 2024 | +24.9% | -23.5% |
| 2025 | +17.7% | +11.3% |
| 2026 | +13.7% | +70.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRMD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TRMD?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.15 over the last year and 0.20 over 5 years.
Is TRMD a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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
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Related comparisons
Hubs: SPY correlations · TRMD correlations
