SPY vs TRX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TRX Gold Corporation (TRX) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRX?
Across a 3-year window, the weekly returns of SPY and TRX correlate at 0.13, weak. Lately the two have moved closer together, with the 1-year correlation at 0.25 versus 0.13 over 3 years. Stretching to 5 years gives 0.12, with an annualized covariance of 117.1 %².
By 3-year correlation, TRX places #3896 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with TRX ahead by 218.3 points (+20.6% versus +238.9%). One caveat on sizing: TRX is 4.2 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 TRX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRX (TRX Gold Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +238.9% |
| 5-year return | +82.4% | +197.6% |
| Volatility (ann.) | 14.5% | 61.2% |
| Beta vs S&P 500 | 1.00 | 0.56 |
| Max drawdown (3Y) | -18.8% | -68.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | TRX |
|---|---|---|
| 2022 | -18.2% | -15.0% |
| 2023 | +26.2% | +11.8% |
| 2024 | +24.9% | -18.4% |
| 2025 | +17.7% | +196.8% |
| 2026 | +13.7% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRX good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TRX?
As of 2026-08-27, the correlation of weekly returns between SPY and TRX is 0.13 over 3 years, 0.25 over 1 year and 0.12 over 5 years.
Is TRX a good diversifier for SPY?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
A reading of 0.13 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
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Related comparisons
Hubs: SPY correlations · TRX correlations
