SPY vs TRNO: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Terreno Realty Corporation (TRNO) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRNO?
Across a 3-year window, the weekly returns of SPY and TRNO correlate at 0.39, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.39). Stretching to 5 years gives 0.54, with an annualized covariance of 138.4 %².
By 3-year correlation, TRNO places #1286 of the 4755 assets tracked against SPY. Their 12-month results are close: +20.6% for SPY against +20.1% for TRNO. Risk is not evenly split, since TRNO carries 1.7 times the volatility of the other side.
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 TRNO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRNO (Terreno Realty Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +20.1% |
| 5-year return | +82.4% | +15.7% |
| Volatility (ann.) | 14.5% | 24.4% |
| Beta vs S&P 500 | 1.00 | 0.66 |
| Max drawdown (3Y) | -18.8% | -26.3% |
| Market cap | – | $7.3B |
| P/E (trailing) | – | 18.1 |
| Dividend yield | 1.01% | 3.08% |
| 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 | TRNO |
|---|---|---|
| 2022 | -18.2% | -31.6% |
| 2023 | +26.2% | +13.4% |
| 2024 | +24.9% | -2.8% |
| 2025 | +17.7% | +2.7% |
| 2026 | +13.7% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRNO good diversifiers for each other?
Reasonably. At 0.39, SPY and TRNO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TRNO?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.12 over the last year and 0.54 over 5 years.
Is TRNO a good diversifier for SPY?
Reasonably. At 0.39, SPY and TRNO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-trno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-trno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TRNO correlations
