SPY vs TDOC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Teladoc Health, Inc. (TDOC) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TDOC?
Over the past 3 years, SPY and TDOC moved with a correlation of 0.39, which is moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 324.4 %².
Among the 4755 assets we track against SPY, TDOC ranks #1284 by 3-year correlation. The last year tells two different stories: SPY led by 38.4 percentage points, +20.6% for SPY against -17.8% for TDOC. One caveat on sizing: TDOC is 4.0 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 TDOC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TDOC (Teladoc Health, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -17.8% |
| 5-year return | +82.4% | -95.6% |
| Volatility (ann.) | 14.5% | 58.1% |
| Beta vs S&P 500 | 1.00 | 1.55 |
| Max drawdown (3Y) | -18.8% | -80.5% |
| Market cap | – | $1.2B |
| 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 | TDOC |
|---|---|---|
| 2022 | -18.2% | -74.2% |
| 2023 | +26.2% | -8.9% |
| 2024 | +24.9% | -57.8% |
| 2025 | +17.7% | -23.0% |
| 2026 | +13.7% | -9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TDOC good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TDOC?
As of 2026-08-27, the correlation of weekly returns between SPY and TDOC is 0.39 over 3 years, 0.42 over 1 year and 0.52 over 5 years.
Is TDOC a good diversifier for SPY?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
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Related comparisons
Hubs: SPY correlations · TDOC correlations
