SPY vs TENB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tenable Holdings, Inc. (TENB) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TENB?
Across a 3-year window, the weekly returns of SPY and TENB correlate at 0.36, moderate. Recent behaviour matches the longer record: 0.37 over 1 year against 0.36 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 217.9 %².
Within SPY's tracked universe of 4755 assets, TENB comes in at #1592 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +23.0%. Risk is not evenly split, since TENB carries 2.9 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 TENB: side by side
| SPY (SPDR S&P 500 ETF Trust) | TENB (Tenable Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +23.0% |
| 5-year return | +82.4% | -16.1% |
| Volatility (ann.) | 14.5% | 41.5% |
| Beta vs S&P 500 | 1.00 | 1.04 |
| Max drawdown (3Y) | -18.8% | -69.1% |
| Market cap | – | $4.1B |
| P/E (trailing) | – | 537.4 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TENB |
|---|---|---|
| 2022 | -18.2% | -30.7% |
| 2023 | +26.2% | +20.7% |
| 2024 | +24.9% | -14.5% |
| 2025 | +17.7% | -40.2% |
| 2026 | +13.7% | +59.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TENB good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TENB?
As of 2026-08-27, the correlation of weekly returns between SPY and TENB is 0.36 over 3 years, 0.37 over 1 year and 0.43 over 5 years.
Is TENB a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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-tenb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tenb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TENB correlations
