TRC vs. SPY

Last updated Aug 1, 2026

TRC (Tejon Ranch Co.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRC returned -4.32%/yr vs 15.07%/yr for SPY. Their 0.41 correlation means their historical movements had little consistent relationship.

Performance

TRC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tejon Ranch Co. (TRC) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRC achieves a 7.36% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, TRC has underperformed SPY with an annualized return of -4.32%, while SPY has yielded a comparatively higher 15.07% annualized return.

TRC

• 1D: -0.70%
• 1M: -10.23%
• 6M: 5.22%
• YTD: 7.36%
• 1Y: -5.31%
• 3Y*: -1.34%
• 5Y*: -1.47%
• 10Y*: -4.32%
• ALL TIME*: -0.46%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
TRC Tejon Ranch Co.	$1.96M	$1.72M	$1.85M

TRC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRC Tejon Ranch Co.	7.36%	-0.82%	-7.56%	-8.70%	-1.26%	32.04%	-9.57%	-3.62%	-20.13%	-18.36%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TRC and SPY is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.42
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.41

Over the past year, the correlation between TRC and SPY has dropped to 0.18 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

TRC vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRC

TRC Risk / Return Rank: 31
TRC Sharpe Ratio Rank: 33
TRC Sortino Ratio Rank: 28
TRC Omega Ratio Rank: 28
TRC Calmar Ratio Rank: 33
TRC Martin Ratio Rank: 33

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tejon Ranch Co. (TRC) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	1.52	-1.77
Sortino ratio: Return per unit of downside risk	-0.21	2.11	-2.32
Omega ratio: Gain probability vs. loss probability	0.97	1.27	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.33	2.20	-2.54
Martin ratio: Return relative to average drawdown	-0.59	9.40	-9.99

TRC vs. SPY - Sharpe Ratio Comparison

The current TRC Sharpe Ratio is -0.26, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TRC and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRC vs. SPY - Drawdown Comparison

The maximum TRC drawdown since its inception was -79.82%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRC and SPY.

Drawdown Indicators

	TRC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-79.82%	-55.19%	-24.63%
Max Drawdown (1Y) Largest decline over 1 year	-17.33%	-8.88%	-8.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.31%	-18.76%	-5.55%
Max Drawdown (5Y) Largest decline over 5 years	-32.43%	-24.50%	-7.93%
Max Drawdown (10Y) Largest decline over 10 years	-55.00%	-33.72%	-21.28%
Current Drawdown Current decline from peak	-72.68%	-1.40%	-71.28%
Average Drawdown Average peak-to-trough decline	-47.03%	-9.01%	-38.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.78%	2.08%	+7.70%

Volatility

TRC vs. SPY - Volatility Comparison

Tejon Ranch Co. (TRC) has a higher volatility of 4.87% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that TRC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	3.58%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	16.21%	10.14%	+6.07%
Volatility (1Y) Calculated over the trailing 1-year period	22.55%	12.89%	+9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.86%	17.18%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	17.95%	+9.42%

Dividends

TRC vs. SPY - Dividend Comparison

TRC has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TRC Tejon Ranch Co.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRC and SPY in my portfolio?

TRC and SPY have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRC or SPY?

TRC has higher volatility (4.87%) compared to SPY (3.58%). In terms of maximum drawdown, TRC dropped -79.82% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.