SPY vs TD: Correlation
SPDR S&P 500 ETF Trust (SPY) and Toronto Dominion Bank (The) (TD) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TD?
Across a 3-year window, the weekly returns of SPY and TD correlate at 0.44, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.44 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 122.4 %².
By 3-year correlation, TD places #823 of the 4755 assets tracked against SPY. The last year tells two different stories: TD led by 40.8 percentage points, +20.6% for SPY against +61.4% for TD.
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 TD: side by side
| SPY (SPDR S&P 500 ETF Trust) | TD (Toronto Dominion Bank (The)) | |
|---|---|---|
| 1-year return | +20.6% | +61.4% |
| 5-year return | +82.4% | +124.4% |
| Volatility (ann.) | 14.5% | 19.1% |
| Beta vs S&P 500 | 1.00 | 0.59 |
| Max drawdown (3Y) | -18.8% | -19.2% |
| Market cap | – | $198.4B |
| P/E (trailing) | – | 19.4 |
| 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 | TD |
|---|---|---|
| 2022 | -18.2% | -12.2% |
| 2023 | +26.2% | +4.6% |
| 2024 | +24.9% | -13.4% |
| 2025 | +17.7% | +83.6% |
| 2026 | +13.7% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TD good diversifiers for each other?
Reasonably. At 0.44, SPY and TD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TD?
The SPY/TD correlation stands at 0.44 on a 3-year window (1 year: 0.58, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is TD a good diversifier for SPY?
Reasonably. At 0.44, SPY and TD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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
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Related comparisons
Hubs: SPY correlations · TD correlations
