SPY vs TCBX: Correlation
SPDR S&P 500 ETF Trust (SPY) and Third Coast Bancshares, Inc. (TCBX) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TCBX?
On 3 years of weekly data the SPY/TCBX correlation comes out at 0.40, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.40). The 5-year figure is 0.30, and annualized covariance runs at 184.8 %².
Among the 4755 assets we track against SPY, TCBX ranks #1184 by 3-year correlation. Over the last 12 months SPY came out ahead by 7.8 percentage points (+20.6% against +12.8%). Note the risk asymmetry: TCBX runs 2.2 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 TCBX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCBX (Third Coast Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +12.8% |
| 5-year return | +82.4% | +80.3% |
| Volatility (ann.) | 14.5% | 31.7% |
| Beta vs S&P 500 | 1.00 | 0.88 |
| Max drawdown (3Y) | -18.8% | -28.9% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 11.0 |
| 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 | TCBX |
|---|---|---|
| 2022 | -18.2% | -29.1% |
| 2023 | +26.2% | +7.8% |
| 2024 | +24.9% | +70.9% |
| 2025 | +17.7% | +12.0% |
| 2026 | +13.7% | +18.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCBX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TCBX?
As of 2026-08-27, the correlation of weekly returns between SPY and TCBX is 0.40 over 3 years, 0.16 over 1 year and 0.30 over 5 years.
Is TCBX a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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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Hubs: SPY correlations · TCBX correlations
