SPY vs TRN: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Trinity Industries, Inc. (TRN) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRN?
Over the past 3 years, SPY and TRN moved with a correlation of 0.35, which is moderate. Lately the two have drifted apart, with the 1-year correlation at -0.01 versus 0.35 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 186.9 %².
Within SPY's tracked universe of 4755 assets, TRN comes in at #1707 by 3-year correlation. Over the last 12 months SPY came out ahead by 14.1 percentage points (+20.6% against +6.5%). One caveat on sizing: TRN is 2.6 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 TRN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRN (Trinity Industries, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +6.5% |
| 5-year return | +82.4% | +22.0% |
| Volatility (ann.) | 14.5% | 37.5% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -18.8% | -39.6% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 7.0 |
| Dividend yield | 1.01% | 4.17% |
| 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 | TRN |
|---|---|---|
| 2022 | -18.2% | +1.5% |
| 2023 | +26.2% | -6.2% |
| 2024 | +24.9% | +37.2% |
| 2025 | +17.7% | -21.5% |
| 2026 | +13.7% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRN good diversifiers for each other?
Reasonably. At 0.35, SPY and TRN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TRN?
The SPY/TRN correlation stands at 0.35 on a 3-year window (1 year: -0.01, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is TRN a good diversifier for SPY?
Reasonably. At 0.35, SPY and TRN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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-trn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-trn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TRN correlations
