SPY vs TWIN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Twin Disc, Incorporated (TWIN) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWIN?
Over the past 3 years, SPY and TWIN moved with a correlation of 0.24, which is weak. Little has changed lately, as the 1-year reading of 0.14 lands near the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 172.6 %².
By 3-year correlation, TWIN places #2890 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with TWIN ahead by 65.6 points (+20.6% versus +86.2%). Risk is not evenly split, since TWIN carries 3.5 times the volatility of the other side.
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 TWIN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWIN (Twin Disc, Incorporated) | |
|---|---|---|
| 1-year return | +20.6% | +86.2% |
| 5-year return | +82.4% | +98.7% |
| Volatility (ann.) | 14.5% | 50.6% |
| Beta vs S&P 500 | 1.00 | 0.83 |
| Max drawdown (3Y) | -18.8% | -64.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 1.01% | 0.68% |
| 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 | TWIN |
|---|---|---|
| 2022 | -18.2% | -11.3% |
| 2023 | +26.2% | +66.7% |
| 2024 | +24.9% | -26.4% |
| 2025 | +17.7% | +44.4% |
| 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 TWIN good diversifiers for each other?
Reasonably. At 0.24, SPY and TWIN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TWIN?
The SPY/TWIN correlation stands at 0.24 on a 3-year window (1 year: 0.14, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is TWIN a good diversifier for SPY?
Reasonably. At 0.24, SPY and TWIN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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-twin.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-twin/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TWIN correlations
