SPY vs TDW: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tidewater Inc. (TDW) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TDW?
Across a 3-year window, the weekly returns of SPY and TDW correlate at 0.29, weak. The past 12 months show a weaker link (0.01) than the 3-year average (0.29). Stretching to 5 years gives 0.27, with an annualized covariance of 192.2 %².
Among the 4755 assets we track against SPY, TDW ranks #2363 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TDW outperformed by 32.6 percentage points (+20.6% for SPY against +53.2% for TDW). Risk is not evenly split, since TDW carries 3.2 times the volatility of the other side.
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 TDW: side by side
| SPY (SPDR S&P 500 ETF Trust) | TDW (Tidewater Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +53.2% |
| 5-year return | +82.4% | +724.8% |
| Volatility (ann.) | 14.5% | 46.4% |
| Beta vs S&P 500 | 1.00 | 0.92 |
| Max drawdown (3Y) | -18.8% | -70.3% |
| Market cap | – | $4.6B |
| P/E (trailing) | – | 18.0 |
| 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 | TDW |
|---|---|---|
| 2022 | -18.2% | +244.1% |
| 2023 | +26.2% | +95.7% |
| 2024 | +24.9% | -24.1% |
| 2025 | +17.7% | -7.7% |
| 2026 | +13.7% | +84.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TDW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TDW?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.01 over the last year and 0.27 over 5 years.
Is TDW a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tdw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tdw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TDW correlations
