SPY vs TRMK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Trustmark Corporation (TRMK) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRMK?
Over the past 3 years, SPY and TRMK moved with a correlation of 0.49, which is moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.49). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 190.2 %².
Among the 4755 assets we track against SPY, TRMK ranks #508 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +16.5%. Note the risk asymmetry: TRMK runs 1.9 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 TRMK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRMK (Trustmark Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +16.5% |
| 5-year return | +82.4% | +69.7% |
| Volatility (ann.) | 14.5% | 27.0% |
| Beta vs S&P 500 | 1.00 | 0.91 |
| Max drawdown (3Y) | -18.8% | -22.0% |
| Market cap | – | $2.7B |
| P/E (trailing) | – | 11.8 |
| Dividend yield | 1.01% | 2.12% |
| 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 | TRMK |
|---|---|---|
| 2022 | -18.2% | +10.7% |
| 2023 | +26.2% | -17.0% |
| 2024 | +24.9% | +30.6% |
| 2025 | +17.7% | +13.0% |
| 2026 | +13.7% | +20.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRMK good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TRMK?
The SPY/TRMK correlation stands at 0.49 on a 3-year window (1 year: 0.17, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is TRMK a good diversifier for SPY?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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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Hubs: SPY correlations · TRMK correlations
