SPY vs TCI: Correlation
SPDR S&P 500 ETF Trust (SPY) and Transcontinental Realty Investors, Inc. (TCI) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TCI?
Over the past 3 years, SPY and TCI moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.18) runs below the 3-year figure (0.09). Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 57.9 %².
By 3-year correlation, TCI places #4175 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 35.9 points (+20.6% versus -15.3%). Note the risk asymmetry: TCI runs 3.0 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 TCI: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCI (Transcontinental Realty Investors, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -15.3% |
| 5-year return | +82.4% | +9.7% |
| Volatility (ann.) | 14.5% | 44.2% |
| Beta vs S&P 500 | 1.00 | 0.28 |
| Max drawdown (3Y) | -18.8% | -43.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 41.9 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TCI |
|---|---|---|
| 2022 | -18.2% | +13.0% |
| 2023 | +26.2% | -21.8% |
| 2024 | +24.9% | -13.7% |
| 2025 | +17.7% | +96.6% |
| 2026 | +13.7% | -32.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCI good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TCI?
The SPY/TCI correlation stands at 0.09 on a 3-year window (1 year: -0.18, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is TCI a good diversifier for SPY?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
A reading of 0.09 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · TCI correlations
