SPY vs TBN: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tamboran Resources Corporation (TBN) show a near-zero relationship: their 3-year correlation of weekly returns is -0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TBN?
Across a 3-year window, the weekly returns of SPY and TBN correlate at -0.02, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.19) runs below the 3-year figure (-0.02). Stretching to 5 years gives n/a, with an annualized covariance of -17.1 %².
Within SPY's tracked universe of 4755 assets, TBN comes in at #4644 by 3-year correlation. The last year tells two different stories: TBN led by 66.1 percentage points, +20.6% for SPY against +86.7% for TBN. One caveat on sizing: TBN is 3.6 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 TBN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TBN (Tamboran Resources Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +86.7% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 52.6% |
| Beta vs S&P 500 | 1.00 | -0.08 |
| Max drawdown (3Y) | -18.8% | -38.6% |
| Market cap | – | $1.3B |
| 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 | TBN |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | +29.7% |
| 2026 | +13.7% | +38.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TBN good diversifiers for each other?
Yes. With a correlation of -0.02, SPY and TBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TBN?
As of 2026-08-27, the correlation of weekly returns between SPY and TBN is -0.02 over 3 years, -0.19 over 1 year and n/a over 5 years.
Is TBN a good diversifier for SPY?
Yes. With a correlation of -0.02, SPY and TBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.02 mean?
On the −1 to +1 scale, -0.02 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 · TBN correlations
