SPY vs TARS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tarsus Pharmaceuticals, Inc. (TARS) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TARS?
Over the past 3 years, SPY and TARS moved with a correlation of 0.14, which is weak. The past 12 months show a weaker link (-0.01) than the 3-year average (0.14). Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 105.9 %².
Within SPY's tracked universe of 4755 assets, TARS comes in at #3820 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +24.4% for TARS. Risk is not evenly split, since TARS carries 3.7 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 TARS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TARS (Tarsus Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +24.4% |
| 5-year return | +82.4% | +171.4% |
| Volatility (ann.) | 14.5% | 53.2% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -18.8% | -45.1% |
| Market cap | – | $3.2B |
| 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, 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 | TARS |
|---|---|---|
| 2022 | -18.2% | -34.8% |
| 2023 | +26.2% | +38.1% |
| 2024 | +24.9% | +173.4% |
| 2025 | +17.7% | +47.9% |
| 2026 | +13.7% | -12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TARS good diversifiers for each other?
Yes. With a correlation of 0.14, SPY and TARS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TARS?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.01 over the last year and 0.18 over 5 years.
Is TARS a good diversifier for SPY?
Yes. With a correlation of 0.14, SPY and TARS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
A reading of 0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tars.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tars/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TARS correlations
