SPY vs TCX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tucows Inc. (TCX) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TCX?
Over the past 3 years, SPY and TCX moved with a correlation of 0.25, which is weak. Recent behaviour matches the longer record: 0.17 over 1 year against 0.25 over 3. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 257.3 %².
Among the 4755 assets we track against SPY, TCX ranks #2775 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 67.9 percentage points (+20.6% for SPY against -47.3% for TCX). One caveat on sizing: TCX is 5.0 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 TCX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCX (Tucows Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -47.3% |
| 5-year return | +82.4% | -86.5% |
| Volatility (ann.) | 14.5% | 72.4% |
| Beta vs S&P 500 | 1.00 | 1.23 |
| Max drawdown (3Y) | -18.8% | -69.3% |
| 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 | TCX |
|---|---|---|
| 2022 | -18.2% | -59.5% |
| 2023 | +26.2% | -20.4% |
| 2024 | +24.9% | -36.5% |
| 2025 | +17.7% | +30.8% |
| 2026 | +13.7% | -55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCX good diversifiers for each other?
Reasonably. At 0.25, SPY and TCX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TCX?
As of 2026-08-27, the correlation of weekly returns between SPY and TCX is 0.25 over 3 years, 0.17 over 1 year and 0.29 over 5 years.
Is TCX a good diversifier for SPY?
Reasonably. At 0.25, SPY and TCX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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.
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Related comparisons
Hubs: SPY correlations · TCX correlations
