SPY vs TELA: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TELA Bio, Inc. (TELA) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TELA?
On 3 years of weekly data the SPY/TELA correlation comes out at 0.17, weak. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. The 5-year figure is 0.16, and annualized covariance runs at 183.4 %².
Among the 4755 assets we track against SPY, TELA ranks #3567 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 83.7 points (+20.6% versus -63.1%). Note the risk asymmetry: TELA runs 5.2 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 TELA: side by side
| SPY (SPDR S&P 500 ETF Trust) | TELA (TELA Bio, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -63.1% |
| 5-year return | +82.4% | -95.2% |
| Volatility (ann.) | 14.5% | 75.9% |
| Beta vs S&P 500 | 1.00 | 0.88 |
| Max drawdown (3Y) | -18.8% | -94.2% |
| Market cap | – | – |
| 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 |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TELA |
|---|---|---|
| 2022 | -18.2% | -10.2% |
| 2023 | +26.2% | -42.4% |
| 2024 | +24.9% | -54.4% |
| 2025 | +17.7% | -60.9% |
| 2026 | +13.7% | -44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TELA good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TELA?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with 0.27 over the last year and 0.16 over 5 years.
Is TELA a good diversifier for SPY?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tela.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tela/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TELA correlations
