SPY vs TANH: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tantech Holdings Ltd. - Class A (TANH) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TANH?
Across a 3-year window, the weekly returns of SPY and TANH correlate at 0.15, weak. Recent behaviour matches the longer record: 0.13 over 1 year against 0.15 over 3. Stretching to 5 years gives 0.15, with an annualized covariance of 228.6 %².
Among the 4755 assets we track against SPY, TANH ranks #3739 by 3-year correlation. The last year tells two different stories: SPY led by 101.6 percentage points, +20.6% for SPY against -81.0% for TANH. Risk is not evenly split, since TANH carries 7.2 times the volatility of the other side.
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 TANH: side by side
| SPY (SPDR S&P 500 ETF Trust) | TANH (Tantech Holdings Ltd. - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -81.0% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 104.0% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -99.7% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TANH |
|---|---|---|
| 2022 | -18.2% | -98.1% |
| 2023 | +26.2% | -44.7% |
| 2024 | +24.9% | -82.3% |
| 2025 | +17.7% | -88.2% |
| 2026 | +13.7% | -62.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TANH good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TANH?
As of 2026-08-27, the correlation of weekly returns between SPY and TANH is 0.15 over 3 years, 0.13 over 1 year and 0.15 over 5 years.
Is TANH a good diversifier for SPY?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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.
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Related comparisons
Hubs: SPY correlations · TANH correlations
