SPY vs TROO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TROOPS, Inc. (TROO) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TROO?
On 3 years of weekly data the SPY/TROO correlation comes out at 0.07, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.22 versus 0.07 over 3 years. The 5-year figure is 0.21, and annualized covariance runs at 112.8 %².
By 3-year correlation, TROO places #4297 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with TROO ahead by 74.1 points (+20.6% versus +94.7%). One caveat on sizing: TROO is 7.2 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 TROO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TROO (TROOPS, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +94.7% |
| 5-year return | +82.4% | -73.3% |
| Volatility (ann.) | 14.5% | 104.4% |
| Beta vs S&P 500 | 1.00 | 0.54 |
| Max drawdown (3Y) | -18.8% | -89.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | TROO |
|---|---|---|
| 2022 | -18.2% | -55.6% |
| 2023 | +26.2% | +37.2% |
| 2024 | +24.9% | -45.2% |
| 2025 | +17.7% | +95.1% |
| 2026 | +13.7% | -31.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TROO good diversifiers for each other?
Yes. With a correlation of 0.07, SPY and TROO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TROO?
The SPY/TROO correlation stands at 0.07 on a 3-year window (1 year: 0.22, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is TROO a good diversifier for SPY?
Yes. With a correlation of 0.07, SPY and TROO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.07 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.
Use this data
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Related comparisons
Hubs: SPY correlations · TROO correlations
