SPY vs TRTX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TPG RE Finance Trust, Inc. (TRTX) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRTX?
On 3 years of weekly data the SPY/TRTX correlation comes out at 0.27, weak. Recent behaviour matches the longer record: 0.28 over 1 year against 0.27 over 3. The 5-year figure is 0.41, and annualized covariance runs at 114.1 %².
By 3-year correlation, TRTX places #2584 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 26.9 percentage points, +20.6% for SPY against -6.3% for TRTX. Note the risk asymmetry: TRTX runs 2.0 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 TRTX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRTX (TPG RE Finance Trust, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -6.3% |
| 5-year return | +82.4% | +9.9% |
| Volatility (ann.) | 14.5% | 29.0% |
| Beta vs S&P 500 | 1.00 | 0.55 |
| Max drawdown (3Y) | -18.8% | -29.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 1.01% | 12.45% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | TRTX |
|---|---|---|
| 2022 | -18.2% | -38.4% |
| 2023 | +26.2% | +9.7% |
| 2024 | +24.9% | +46.9% |
| 2025 | +17.7% | +13.5% |
| 2026 | +13.7% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRTX good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TRTX?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.28 over the last year and 0.41 over 5 years.
Is TRTX a good diversifier for SPY?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 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-trtx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-trtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TRTX correlations
