SPY vs TBCH: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Turtle Beach Corporation (TBCH) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TBCH?
Across a 3-year window, the weekly returns of SPY and TBCH correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 461.3 %².
By 3-year correlation, TBCH places #288 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.2 points (+20.6% versus -16.6%). Note the risk asymmetry: TBCH runs 4.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TBCH: side by side
| SPY (SPDR S&P 500 ETF Trust) | TBCH (Turtle Beach Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -16.6% |
| 5-year return | +82.4% | -55.7% |
| Volatility (ann.) | 14.5% | 57.8% |
| Beta vs S&P 500 | 1.00 | 2.21 |
| Max drawdown (3Y) | -18.8% | -51.8% |
| Market cap | – | $0.2B |
| 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 |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TBCH |
|---|---|---|
| 2022 | -18.2% | -67.8% |
| 2023 | +26.2% | +52.7% |
| 2024 | +24.9% | +58.1% |
| 2025 | +17.7% | -18.9% |
| 2026 | +13.7% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TBCH good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and TBCH?
As of 2026-08-27, the correlation of weekly returns between SPY and TBCH is 0.55 over 3 years, 0.56 over 1 year and 0.49 over 5 years.
Is TBCH a good diversifier for SPY?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tbch.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tbch/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TBCH correlations
