TRI vs. SPGI

Last updated Jun 3, 2026

TRI (Thomson Reuters Corp) and SPGI (S&P Global Inc.) are both stocks. TRI operates in Specialty Business Services (Industrials), while SPGI operates in Financial Data & Stock Exchanges (Financial Services). Over the past 10 years, TRI returned 9.78%/yr vs 15.36%/yr for SPGI. At a 0.42 correlation, their price movements are largely independent.

Performance

TRI vs. SPGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thomson Reuters Corp (TRI) and S&P Global Inc. (SPGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRI achieves a -33.56% return, which is significantly lower than SPGI's -19.75% return. Over the past 10 years, TRI has underperformed SPGI with an annualized return of 9.78%, while SPGI has yielded a comparatively higher 15.36% annualized return.

TRI

• 1D: -8.12%
• 1M: -7.89%
• YTD: -33.56%
• 6M: -34.28%
• 1Y: -55.27%
• 3Y*: -9.73%
• 5Y*: -0.88%
• 10Y*: 9.78%

SPGI

• 1D: -2.59%
• 1M: -1.79%
• YTD: -19.75%
• 6M: -14.62%
• 1Y: -18.04%
• 3Y*: 4.39%
• 5Y*: 2.68%
• 10Y*: 15.36%

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

TRI vs. SPGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRI Thomson Reuters Corp	-33.56%	-16.57%	11.14%	30.31%	-3.01%	49.18%	16.71%	51.59%	14.56%	2.68%
SPGI S&P Global Inc.	-19.75%	5.71%	13.94%	32.79%	-28.38%	44.68%	21.40%	62.27%	1.37%	59.32%

Correlation

The correlation between TRI and SPGI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 13, 2002	0.42

The correlation between TRI and SPGI shifts across timeframes, from 0.42 (all time) to 0.54 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TRI : $37.79B SPGI : $124.24B
EPS TRI : $3.42 SPGI : $15.79
PE Ratio TRI : 25.25 SPGI : 26.44
PS Ratio TRI : 5.03 SPGI : 8.03
PB Ratio TRI : 3.19 SPGI : 3.97
Total Revenue (TTM) TRI : $7.66B SPGI : $15.73B
Gross Profit (TTM) TRI : $4.11B SPGI : $8.15B
EBITDA (TTM) TRI : $3.11B SPGI : $7.83B

Return for Risk

TRI vs. SPGI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TRI

TRI Risk / Return Rank: 4
TRI Sharpe Ratio Rank: 1
TRI Sortino Ratio Rank: 1
TRI Omega Ratio Rank: 2
TRI Calmar Ratio Rank: 6
TRI Martin Ratio Rank: 7

SPGI

SPGI Risk / Return Rank: 15
SPGI Sharpe Ratio Rank: 12
SPGI Sortino Ratio Rank: 15
SPGI Omega Ratio Rank: 13
SPGI Calmar Ratio Rank: 19
SPGI Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TRI vs. SPGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thomson Reuters Corp (TRI) and S&P Global Inc. (SPGI). 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.

	TRI	SPGI	Difference
Sharpe ratio Return per unit of total volatility	-1.31	-0.67	-0.64
Sortino ratio Return per unit of downside risk	-2.21	-0.72	-1.49
Omega ratio Gain probability vs. loss probability	0.72	0.89	-0.17
Calmar ratio Return relative to maximum drawdown	-0.89	-0.59	-0.30
Martin ratio Return relative to average drawdown	-1.41	-1.16	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRI vs. SPGI - Sharpe Ratio Comparison

The current TRI Sharpe Ratio is -1.31, which is lower than the SPGI Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of TRI and SPGI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRI	SPGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.31	-0.67	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.11	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.59	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.45	-0.15

Drawdowns

TRI vs. SPGI - Drawdown Comparison

The maximum TRI drawdown since its inception was -62.54%, smaller than the maximum SPGI drawdown of -74.67%. Use the drawdown chart below to compare losses from any high point for TRI and SPGI.

Drawdown Indicators

	TRI	SPGI	Difference
Max Drawdown Largest peak-to-trough decline	-62.54%	-74.67%	+12.13%
Max Drawdown (1Y) Largest decline over 1 year	-62.54%	-30.48%	-32.06%
Max Drawdown (3Y) Largest decline over 3 years	-62.54%	-30.48%	-32.06%
Max Drawdown (5Y) Largest decline over 5 years	-62.54%	-39.76%	-22.78%
Max Drawdown (10Y) Largest decline over 10 years	-62.54%	-39.76%	-22.78%
Current Drawdown Current decline from peak	-58.78%	-25.38%	-33.40%
Average Drawdown Average peak-to-trough decline	-11.52%	-15.22%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.50%	15.45%	+24.05%

Volatility

TRI vs. SPGI - Volatility Comparison

Thomson Reuters Corp (TRI) has a higher volatility of 19.39% compared to S&P Global Inc. (SPGI) at 7.65%. This indicates that TRI's price experiences larger fluctuations and is considered to be riskier than SPGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRI	SPGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.39%	7.65%	+11.74%
Volatility (6M) Calculated over the trailing 6-month period	37.35%	23.75%	+13.60%
Volatility (1Y) Calculated over the trailing 1-year period	42.40%	27.22%	+15.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.87%	24.44%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.57%	26.01%	-2.44%

Dividends

TRI vs. SPGI - Dividend Comparison

TRI's dividend yield for the trailing twelve months is around 4.59%, more than SPGI's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPGI S&P Global Inc.	0.92%	0.73%	0.73%	0.82%	0.99%	0.65%	0.82%	0.84%	1.18%	0.97%	1.34%	1.34%
TRI Thomson Reuters Corp	4.59%	1.80%	1.35%	4.68%	1.56%	1.76%	1.86%	2.01%	2.87%	3.17%	3.11%	3.54%

Financials

TRI vs. SPGI - Profitability Comparison

The chart below illustrates the profitability comparison between Thomson Reuters Corp and S&P Global Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TRI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Thomson Reuters Corp reported a gross profit of 630.15M and revenue of 2.06B. Therefore, the gross margin over that period was 30.6%.

SPGI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, S&P Global Inc. reported a gross profit of 0.00 and revenue of 4.17B. Therefore, the gross margin over that period was 0.0%.

TRI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Thomson Reuters Corp reported an operating income of 630.15M and revenue of 2.06B, resulting in an operating margin of 30.6%.

SPGI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, S&P Global Inc. reported an operating income of 2.00B and revenue of 4.17B, resulting in an operating margin of 48.0%.

TRI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Thomson Reuters Corp reported a net income of 452.64M and revenue of 2.06B, resulting in a net margin of 22.0%.

SPGI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, S&P Global Inc. reported a net income of 1.40B and revenue of 4.17B, resulting in a net margin of 33.5%.

Frequently Asked Questions

Can I hold both TRI and SPGI in my portfolio?

TRI and SPGI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRI or SPGI?

TRI has higher volatility (19.39%) compared to SPGI (7.65%). In terms of maximum drawdown, TRI dropped -62.54% vs SPGI's -74.67%.

Which has better risk-adjusted returns?

SPGI currently has the higher Sharpe Ratio (-0.67 vs -1.31), 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.