SPY vs TEX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Terex Corporation (TEX) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TEX?
Across a 3-year window, the weekly returns of SPY and TEX correlate at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.49 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 288.4 %².
Among the 4755 assets we track against SPY, TEX ranks #507 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +24.2%. Note the risk asymmetry: TEX runs 2.8 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 TEX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TEX (Terex Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +24.2% |
| 5-year return | +82.4% | +31.7% |
| Volatility (ann.) | 14.5% | 41.0% |
| Beta vs S&P 500 | 1.00 | 1.38 |
| Max drawdown (3Y) | -18.8% | -51.3% |
| Market cap | – | $7.4B |
| P/E (trailing) | – | 31.2 |
| Dividend yield | 1.01% | 1.04% |
| 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 | TEX |
|---|---|---|
| 2022 | -18.2% | -1.4% |
| 2023 | +26.2% | +36.1% |
| 2024 | +24.9% | -18.6% |
| 2025 | +17.7% | +17.3% |
| 2026 | +13.7% | +21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TEX good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TEX?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.19 over the last year and 0.54 over 5 years.
Is TEX a good diversifier for SPY?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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-tex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TEX correlations
