SPY vs TAP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Molson Coors Beverage Company (TAP) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TAP?
Across a 3-year window, the weekly returns of SPY and TAP correlate at 0.09, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.09 versus 0.09 over 3 years. Stretching to 5 years gives 0.24, with an annualized covariance of 31.7 %².
Among the 4755 assets we track against SPY, TAP ranks #4174 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.6 percentage points (+20.6% for SPY against -15.0% for TAP). Across three years, the rolling one-year figure varied moderately, from -0.14 to 0.35. One caveat on sizing: TAP is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TAP: side by side
| SPY (SPDR S&P 500 ETF Trust) | TAP (Molson Coors Beverage Company) | |
|---|---|---|
| 1-year return | +20.6% | -15.0% |
| 5-year return | +82.4% | +3.9% |
| Volatility (ann.) | 14.5% | 23.9% |
| Beta vs S&P 500 | 1.00 | 0.15 |
| Max drawdown (3Y) | -18.8% | -38.8% |
| Market cap | – | $7.8B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 4.51% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Consumer Staples |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TAP |
|---|---|---|
| 2022 | -18.2% | +14.4% |
| 2023 | +26.2% | +22.2% |
| 2024 | +24.9% | -3.4% |
| 2025 | +17.7% | -15.5% |
| 2026 | +13.7% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TAP good diversifiers for each other?
Yes. With a correlation of 0.09, SPY and TAP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TAP?
As of 2026-08-27, the correlation of weekly returns between SPY and TAP is 0.09 over 3 years, -0.09 over 1 year and 0.24 over 5 years.
Is TAP a good diversifier for SPY?
Yes. With a correlation of 0.09, SPY and TAP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TAP correlations
