SPY vs TCRX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TScan Therapeutics, Inc. (TCRX) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TCRX?
On 3 years of weekly data the SPY/TCRX correlation comes out at 0.35, moderate. The link has tightened recently: the 1-year correlation (0.45) runs above the 3-year figure (0.35). The 5-year figure is 0.18, and annualized covariance runs at 419.6 %².
Among the 4755 assets we track against SPY, TCRX ranks #1706 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 80.5 percentage points (+20.6% for SPY against -59.9% for TCRX). One caveat on sizing: TCRX is 5.7 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 TCRX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCRX (TScan Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -59.9% |
| 5-year return | +82.4% | -91.3% |
| Volatility (ann.) | 14.5% | 82.6% |
| Beta vs S&P 500 | 1.00 | 2.01 |
| Max drawdown (3Y) | -18.8% | -92.4% |
| Market cap | – | $0.1B |
| 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 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 | TCRX |
|---|---|---|
| 2022 | -18.2% | -65.6% |
| 2023 | +26.2% | +276.1% |
| 2024 | +24.9% | -47.9% |
| 2025 | +17.7% | -67.1% |
| 2026 | +13.7% | -25.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCRX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TCRX?
The SPY/TCRX correlation stands at 0.35 on a 3-year window (1 year: 0.45, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is TCRX a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tcrx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tcrx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TCRX correlations
