SPY vs TDY: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Teledyne Technologies (TDY) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TDY?
Over the past 3 years, SPY and TDY moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.50 over 3 years. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 158.1 %².
Within SPY's tracked universe of 4755 assets, TDY comes in at #469 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +15.7% for TDY. The rolling one-year correlation moved between 0.25 and 0.69 over the past three years, a moderate range. One caveat on sizing: TDY is 1.5 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 TDY: side by side
| SPY (SPDR S&P 500 ETF Trust) | TDY (Teledyne Technologies) | |
|---|---|---|
| 1-year return | +20.6% | +15.7% |
| 5-year return | +82.4% | +36.5% |
| Volatility (ann.) | 14.5% | 22.0% |
| Beta vs S&P 500 | 1.00 | 0.76 |
| Max drawdown (3Y) | -18.8% | -18.8% |
| Market cap | – | $29.0B |
| P/E (trailing) | – | 30.7 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Information Technology |
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 | TDY |
|---|---|---|
| 2022 | -18.2% | -8.5% |
| 2023 | +26.2% | +11.6% |
| 2024 | +24.9% | +4.0% |
| 2025 | +17.7% | +10.0% |
| 2026 | +13.7% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TDY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and TDY?
The SPY/TDY correlation stands at 0.50 on a 3-year window (1 year: 0.35, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is TDY a good diversifier for SPY?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tdy/)
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Related comparisons
Hubs: SPY correlations · TDY correlations
