SPY vs TFC: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Truist Financial (TFC) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TFC?
On 3 years of weekly data the SPY/TFC correlation comes out at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.55 over 3 years. The 5-year figure is 0.55, and annualized covariance runs at 223.3 %².
Within SPY's tracked universe of 4755 assets, TFC comes in at #289 by 3-year correlation. On 12-month performance SPY holds a 8.5-point edge, +20.6% against +12.1%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.28 and 0.78 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: TFC runs 1.9 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 TFC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TFC (Truist Financial) | |
|---|---|---|
| 1-year return | +20.6% | +12.1% |
| 5-year return | +82.4% | +12.7% |
| Volatility (ann.) | 14.5% | 28.0% |
| Beta vs S&P 500 | 1.00 | 1.07 |
| Max drawdown (3Y) | -18.8% | -26.9% |
| Market cap | – | $61.4B |
| P/E (trailing) | – | 11.6 |
| Dividend yield | 1.01% | 4.10% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | TFC |
|---|---|---|
| 2022 | -18.2% | -23.5% |
| 2023 | +26.2% | -8.6% |
| 2024 | +24.9% | +23.7% |
| 2025 | +17.7% | +19.0% |
| 2026 | +13.7% | +5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.1% of SPY is TFC itself, so the fund partly moves with the stock by construction.
Are SPY and TFC good diversifiers for each other?
Only partially. A correlation of 0.55 means SPY and TFC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and TFC?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.32 over the last year and 0.55 over 5 years.
Is TFC a good diversifier for SPY?
Only partially. A correlation of 0.55 means SPY and TFC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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-tfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TFC correlations
