SPY vs TXRH: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Texas Roadhouse, Inc. (TXRH) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TXRH?
On 3 years of weekly data the SPY/TXRH correlation comes out at 0.29, weak. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.29 over 3 years. The 5-year figure is 0.45, and annualized covariance runs at 108.5 %².
Among the 4755 assets we track against SPY, TXRH ranks #2365 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +16.4% for TXRH. Note the risk asymmetry: TXRH runs 1.8 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 TXRH: side by side
| SPY (SPDR S&P 500 ETF Trust) | TXRH (Texas Roadhouse, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +16.4% |
| 5-year return | +82.4% | +134.1% |
| Volatility (ann.) | 14.5% | 25.6% |
| Beta vs S&P 500 | 1.00 | 0.52 |
| Max drawdown (3Y) | -18.8% | -24.8% |
| Market cap | – | $13.1B |
| P/E (trailing) | – | 32.6 |
| Dividend yield | 1.01% | 1.40% |
| 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 | TXRH |
|---|---|---|
| 2022 | -18.2% | +4.2% |
| 2023 | +26.2% | +37.1% |
| 2024 | +24.9% | +49.8% |
| 2025 | +17.7% | -6.6% |
| 2026 | +13.7% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TXRH good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TXRH?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.15 over the last year and 0.45 over 5 years.
Is TXRH a good diversifier for SPY?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-txrh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-txrh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TXRH correlations
