SPY vs TRST: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TrustCo Bank Corp NY (TRST) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRST?
On 3 years of weekly data the SPY/TRST correlation comes out at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.37 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 141.3 %².
By 3-year correlation, TRST places #1498 of the 4755 assets tracked against SPY. The last year tells two different stories: TRST led by 30.3 percentage points, +20.6% for SPY against +50.9% for TRST. One caveat on sizing: TRST is 1.8 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 TRST: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRST (TrustCo Bank Corp NY) | |
|---|---|---|
| 1-year return | +20.6% | +50.9% |
| 5-year return | +82.4% | +121.0% |
| Volatility (ann.) | 14.5% | 26.2% |
| Beta vs S&P 500 | 1.00 | 0.68 |
| Max drawdown (3Y) | -18.8% | -26.2% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | 15.9 |
| Dividend yield | 1.01% | 2.66% |
| 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 | TRST |
|---|---|---|
| 2022 | -18.2% | +17.6% |
| 2023 | +26.2% | -13.3% |
| 2024 | +24.9% | +12.4% |
| 2025 | +17.7% | +29.3% |
| 2026 | +13.7% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRST good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TRST?
As of 2026-08-27, the correlation of weekly returns between SPY and TRST is 0.37 over 3 years, 0.04 over 1 year and 0.37 over 5 years.
Is TRST a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-trst.json
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[](https://www.pairbook.io/pair/spy-vs-trst/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TRST correlations
