STWD vs TRTX: Correlation
How closely do STARWOOD PROPERTY TRUST, INC. Starwood Property Trust Inc. (STWD) and TPG RE Finance Trust, Inc. (TRTX) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STWD and TRTX?
On 3 years of weekly data the STWD/TRTX correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 335.4 %².
Within STWD's tracked universe of 26 assets, TRTX comes in at #16 by 3-year correlation. Over the last 12 months TRTX came out ahead by 5.5 percentage points (-11.8% against -6.3%). Note the risk asymmetry: TRTX runs 1.5 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.
STWD vs TRTX: side by side
| STWD (STARWOOD PROPERTY TRUST, INC. Starwood Property Trust Inc.) | TRTX (TPG RE Finance Trust, Inc.) | |
|---|---|---|
| 1-year return | -11.8% | -6.3% |
| 5-year return | +0.5% | +9.9% |
| Volatility (ann.) | 19.3% | 29.0% |
| Beta vs S&P 500 | 0.65 | 0.55 |
| Max drawdown (3Y) | -15.8% | -29.3% |
| Market cap | $6.1B | $0.6B |
| P/E (trailing) | 27.0 | 14.1 |
| Dividend yield | 12.07% | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | STWD | TRTX |
|---|---|---|
| 2022 | -17.3% | -38.4% |
| 2023 | +26.7% | +9.7% |
| 2024 | -0.6% | +46.9% |
| 2025 | +4.9% | +13.5% |
| 2026 | -6.3% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STWD and TRTX good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between STWD and TRTX?
As of 2026-08-27, the correlation of weekly returns between STWD and TRTX is 0.60 over 3 years, 0.69 over 1 year and 0.67 over 5 years.
Is TRTX a good diversifier for STWD?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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/stwd-vs-trtx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/stwd-vs-trtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: STWD correlations · TRTX correlations
