SPY vs TCRT: Correlation
SPDR S&P 500 ETF Trust (SPY) and Alaunos Therapeutics, Inc. (TCRT) show a negative relationship: their 3-year correlation of weekly returns is -0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TCRT?
Over the past 3 years, SPY and TCRT moved with a correlation of -0.13, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.02) than the 3-year average (-0.13). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -231.4 %².
By 3-year correlation, TCRT places #4743 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 32.8 percentage points (+20.6% for SPY against -12.2% for TCRT). Risk is not evenly split, since TCRT carries 8.4 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 TCRT: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -12.2% |
| 5-year return | +82.4% | -99.3% |
| Volatility (ann.) | 14.5% | 121.9% |
| Beta vs S&P 500 | 1.00 | -1.11 |
| Max drawdown (3Y) | -18.8% | -95.0% |
| Market cap | – | – |
| 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 | TCRT |
|---|---|---|
| 2022 | -18.2% | -40.4% |
| 2023 | +26.2% | -89.2% |
| 2024 | +24.9% | -81.8% |
| 2025 | +17.7% | +69.1% |
| 2026 | +13.7% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCRT good diversifiers for each other?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TCRT?
The SPY/TCRT correlation stands at -0.13 on a 3-year window (1 year: -0.02, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is TCRT a good diversifier for SPY?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.13 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-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TCRT correlations
