SPY vs TRP: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TC Energy Corporation (TRP) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRP?
Across a 3-year window, the weekly returns of SPY and TRP correlate at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.30 versus 0.12 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 33.5 %².
Among the 4755 assets we track against SPY, TRP ranks #3969 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +23.3% for TRP.
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 TRP: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRP (TC Energy Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +23.3% |
| 5-year return | +82.4% | +67.2% |
| Volatility (ann.) | 14.5% | 20.0% |
| Beta vs S&P 500 | 1.00 | 0.16 |
| Max drawdown (3Y) | -18.8% | -12.8% |
| Market cap | – | – |
| P/E (trailing) | – | 24.5 |
| Dividend yield | 1.01% | 5.50% |
| 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 | TRP |
|---|---|---|
| 2022 | -18.2% | -9.7% |
| 2023 | +26.2% | +4.7% |
| 2024 | +24.9% | +26.2% |
| 2025 | +17.7% | +21.2% |
| 2026 | +13.7% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRP good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TRP?
The SPY/TRP correlation stands at 0.12 on a 3-year window (1 year: -0.30, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is TRP a good diversifier for SPY?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · TRP correlations
