SPY vs TENX: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tenax Therapeutics, Inc. (TENX) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TENX?
Over the past 3 years, SPY and TENX moved with a correlation of 0.11, which is weak. Little has changed lately, as the 1-year reading of 0.02 lands near the 3-year figure. Over 5 years the correlation is 0.08, and the annualized covariance of weekly returns is 199.1 %².
Within SPY's tracked universe of 4755 assets, TENX comes in at #4047 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 83.6 points (+20.6% versus -63.0%). One caveat on sizing: TENX is 8.8 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 TENX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TENX (Tenax Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -63.0% |
| 5-year return | +82.4% | -99.9% |
| Volatility (ann.) | 14.5% | 127.0% |
| Beta vs S&P 500 | 1.00 | 0.95 |
| Max drawdown (3Y) | -18.8% | -97.2% |
| Market cap | – | $0.1B |
| 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 | TENX |
|---|---|---|
| 2022 | -18.2% | -89.3% |
| 2023 | +26.2% | -87.6% |
| 2024 | +24.9% | -71.9% |
| 2025 | +17.7% | +96.9% |
| 2026 | +13.7% | -82.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TENX good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TENX?
The SPY/TENX correlation stands at 0.11 on a 3-year window (1 year: 0.02, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is TENX a good diversifier for SPY?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
A reading of 0.11 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-tenx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tenx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TENX correlations
