SPY vs TRNS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Transcat, Inc. (TRNS) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRNS?
Across a 3-year window, the weekly returns of SPY and TRNS correlate at 0.30, moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.30 over 3. Stretching to 5 years gives 0.35, with an annualized covariance of 215.9 %².
Within SPY's tracked universe of 4755 assets, TRNS comes in at #2246 by 3-year correlation. On 12-month performance SPY holds a 12.9-point edge, +20.6% against +7.7%. One caveat on sizing: TRNS is 3.4 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 TRNS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRNS (Transcat, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +7.7% |
| 5-year return | +82.4% | +35.0% |
| Volatility (ann.) | 14.5% | 50.0% |
| Beta vs S&P 500 | 1.00 | 1.03 |
| Max drawdown (3Y) | -18.8% | -63.9% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 249.6 |
| Dividend yield | 1.01% | 0.00% |
| 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 | TRNS |
|---|---|---|
| 2022 | -18.2% | -23.3% |
| 2023 | +26.2% | +54.3% |
| 2024 | +24.9% | -3.3% |
| 2025 | +17.7% | -46.3% |
| 2026 | +13.7% | +58.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRNS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TRNS?
As of 2026-08-27, the correlation of weekly returns between SPY and TRNS is 0.30 over 3 years, 0.31 over 1 year and 0.35 over 5 years.
Is TRNS a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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-trns.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-trns/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TRNS correlations
