SPY vs TDS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Telephone and Data Systems, Inc. (TDS) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TDS?
On 3 years of weekly data the SPY/TDS correlation comes out at 0.27, weak. Little has changed lately, as the 1-year reading of 0.20 lands near the 3-year figure. The 5-year figure is 0.19, and annualized covariance runs at 180.6 %².
By 3-year correlation, TDS places #2580 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 37.6 percentage points, +20.6% for SPY against -17.0% for TDS. Note the risk asymmetry: TDS runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TDS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TDS (Telephone and Data Systems, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -17.0% |
| 5-year return | +82.4% | +91.9% |
| Volatility (ann.) | 14.5% | 46.7% |
| Beta vs S&P 500 | 1.00 | 0.86 |
| Max drawdown (3Y) | -18.8% | -33.4% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | 8.3 |
| Dividend yield | 1.01% | 0.48% |
| 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 | TDS |
|---|---|---|
| 2022 | -18.2% | -45.3% |
| 2023 | +26.2% | +86.3% |
| 2024 | +24.9% | +89.0% |
| 2025 | +17.7% | +20.7% |
| 2026 | +13.7% | -19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TDS good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TDS?
As of 2026-08-27, the correlation of weekly returns between SPY and TDS is 0.27 over 3 years, 0.20 over 1 year and 0.19 over 5 years.
Is TDS a good diversifier for SPY?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 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-tds.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tds/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TDS correlations
