SPY vs TROX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tronox Holdings plc (TROX) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TROX?
Across a 3-year window, the weekly returns of SPY and TROX correlate at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.39 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 392.4 %².
By 3-year correlation, TROX places #1287 of the 4755 assets tracked against SPY. The last year tells two different stories: TROX led by 16.5 percentage points, +20.6% for SPY against +37.1% for TROX. Note the risk asymmetry: TROX runs 4.8 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 TROX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TROX (Tronox Holdings plc) | |
|---|---|---|
| 1-year return | +20.6% | +37.1% |
| 5-year return | +82.4% | -67.8% |
| Volatility (ann.) | 14.5% | 69.1% |
| Beta vs S&P 500 | 1.00 | 1.88 |
| Max drawdown (3Y) | -18.8% | -84.5% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 3.66% |
| 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 | TROX |
|---|---|---|
| 2022 | -18.2% | -41.1% |
| 2023 | +26.2% | +7.4% |
| 2024 | +24.9% | -26.4% |
| 2025 | +17.7% | -55.6% |
| 2026 | +13.7% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TROX good diversifiers for each other?
Reasonably. At 0.39, SPY and TROX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TROX?
The SPY/TROX correlation stands at 0.39 on a 3-year window (1 year: 0.18, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is TROX a good diversifier for SPY?
Reasonably. At 0.39, SPY and TROX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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-trox.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-trox/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TROX correlations
