SPY vs TROW: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and T. Rowe Price (TROW) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TROW?
On 3 years of weekly data the SPY/TROW correlation comes out at 0.68, strong. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.68 over 3 years. The 5-year figure is 0.73, and annualized covariance runs at 230.4 %².
Within SPY's tracked universe of 4755 assets, TROW comes in at #105 by 3-year correlation. Over the last 12 months SPY came out ahead by 12.5 percentage points (+20.6% against +8.1%). On a rolling one-year basis the correlation drifted between 0.41 and 0.83, a moderate band. Note the risk asymmetry: TROW runs 1.6 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 TROW: side by side
| SPY (SPDR S&P 500 ETF Trust) | TROW (T. Rowe Price) | |
|---|---|---|
| 1-year return | +20.6% | +8.1% |
| 5-year return | +82.4% | -37.0% |
| Volatility (ann.) | 14.5% | 23.5% |
| Beta vs S&P 500 | 1.00 | 1.10 |
| Max drawdown (3Y) | -18.8% | -34.0% |
| Market cap | – | $24.0B |
| P/E (trailing) | – | 11.3 |
| Dividend yield | 1.01% | 4.57% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | TROW |
|---|---|---|
| 2022 | -18.2% | -42.2% |
| 2023 | +26.2% | +3.4% |
| 2024 | +24.9% | +9.7% |
| 2025 | +17.7% | -4.7% |
| 2026 | +13.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TROW good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and TROW?
As of 2026-08-27, the correlation of weekly returns between SPY and TROW is 0.68 over 3 years, 0.40 over 1 year and 0.73 over 5 years.
Is TROW a good diversifier for SPY?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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-trow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-trow/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TROW correlations
