SPY vs TECX: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tectonic Therapeutic, Inc. (TECX) trade together? Their weekly returns over three years give a correlation of 0.00, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TECX?
Over the past 3 years, SPY and TECX moved with a correlation of 0.00, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.01 lands near the 3-year figure. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is 40.9 %².
Within SPY's tracked universe of 4755 assets, TECX comes in at #4600 by 3-year correlation. The last year tells two different stories: TECX led by 17.6 percentage points, +20.6% for SPY against +38.2% for TECX. One caveat on sizing: TECX is 43.3 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 TECX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TECX (Tectonic Therapeutic, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +38.2% |
| 5-year return | +82.4% | -52.9% |
| Volatility (ann.) | 14.5% | 628.0% |
| Beta vs S&P 500 | 1.00 | 0.20 |
| Max drawdown (3Y) | -18.8% | -92.8% |
| Market cap | – | $0.7B |
| 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 | TECX |
|---|---|---|
| 2022 | -18.2% | -81.6% |
| 2023 | +26.2% | +91.5% |
| 2024 | +24.9% | +182.9% |
| 2025 | +17.7% | -54.8% |
| 2026 | +13.7% | +75.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TECX good diversifiers for each other?
Yes. With a correlation of 0.00, SPY and TECX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TECX?
The SPY/TECX correlation stands at 0.00 on a 3-year window (1 year: -0.01, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is TECX a good diversifier for SPY?
Yes. With a correlation of 0.00, SPY and TECX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.00 mean?
A reading of 0.00 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-tecx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tecx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TECX correlations
