SPY vs TEO: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Telecom Argentina SA (TEO) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TEO?
On 3 years of weekly data the SPY/TEO correlation comes out at 0.16, weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.16 over 3. The 5-year figure is 0.21, and annualized covariance runs at 139.2 %².
By 3-year correlation, TEO places #3648 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with TEO ahead by 33.2 points (+20.6% versus +53.8%). One caveat on sizing: TEO is 4.3 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 TEO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TEO (Telecom Argentina SA) | |
|---|---|---|
| 1-year return | +20.6% | +53.8% |
| 5-year return | +82.4% | +180.0% |
| Volatility (ann.) | 14.5% | 62.0% |
| Beta vs S&P 500 | 1.00 | 0.67 |
| Max drawdown (3Y) | -18.8% | -54.0% |
| Market cap | – | – |
| P/E (trailing) | – | 10.9 |
| Dividend yield | 1.01% | 102.04% |
| 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 | TEO |
|---|---|---|
| 2022 | -18.2% | +14.3% |
| 2023 | +26.2% | +37.9% |
| 2024 | +24.9% | +79.3% |
| 2025 | +17.7% | -7.8% |
| 2026 | +13.7% | +12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TEO good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TEO?
As of 2026-08-27, the correlation of weekly returns between SPY and TEO is 0.16 over 3 years, 0.18 over 1 year and 0.21 over 5 years.
Is TEO a good diversifier for SPY?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 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
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[](https://www.pairbook.io/pair/spy-vs-teo/)
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Related comparisons
Hubs: SPY correlations · TEO correlations
