I think more accurately it will go around the sun once per year. The earth will provide the extra gravitational pull (toward the sun) needed to orbit the sun at a larger radius than the earth in the same amount of time as the earth.
Normally, objects with smaller orbits take less time to make a circuit. But this is placed where the earth's gravity pulls it back, just enough to make it take one (earth) year to finish its smaller orbit. So gravity from the earth and the sun are involved.
I think more accurately it will go around the sun once per year. The earth will provide the extra gravitational pull (toward the sun) needed to orbit the sun at a larger radius than the earth in the same amount of time as the earth.