SPY vs TEN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tsakos Energy Navigation Ltd (TEN) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TEN?
Over the past 3 years, SPY and TEN moved with a correlation of 0.26, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.26 over 3 years. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 138.1 %².
Within SPY's tracked universe of 4755 assets, TEN comes in at #2674 by 3-year correlation. The last year tells two different stories: TEN led by 77.6 percentage points, +20.6% for SPY against +98.2% for TEN. One caveat on sizing: TEN is 2.5 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 TEN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TEN (Tsakos Energy Navigation Ltd) | |
|---|---|---|
| 1-year return | +20.6% | +98.2% |
| 5-year return | +82.4% | +584.9% |
| Volatility (ann.) | 14.5% | 36.7% |
| Beta vs S&P 500 | 1.00 | 0.66 |
| Max drawdown (3Y) | -18.8% | -52.6% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 6.6 |
| 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 | TEN |
|---|---|---|
| 2022 | -18.2% | +138.5% |
| 2023 | +26.2% | +38.1% |
| 2024 | +24.9% | -16.0% |
| 2025 | +17.7% | +33.1% |
| 2026 | +13.7% | +92.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TEN good diversifiers for each other?
Reasonably. At 0.26, SPY and TEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TEN?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.13 over the last year and 0.19 over 5 years.
Is TEN a good diversifier for SPY?
Reasonably. At 0.26, SPY and TEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 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-ten.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ten/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TEN correlations
