SPY vs TFII: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TFI International Inc. (TFII) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TFII?
Over the past 3 years, SPY and TFII moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 213.3 %².
Within SPY's tracked universe of 4755 assets, TFII comes in at #992 by 3-year correlation. The last year tells two different stories: TFII led by 25.3 percentage points, +20.6% for SPY against +45.9% for TFII. Risk is not evenly split, since TFII carries 2.4 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 TFII: side by side
| SPY (SPDR S&P 500 ETF Trust) | TFII (TFI International Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +45.9% |
| 5-year return | +82.4% | +27.7% |
| Volatility (ann.) | 14.5% | 35.1% |
| Beta vs S&P 500 | 1.00 | 1.02 |
| Max drawdown (3Y) | -18.8% | -53.8% |
| Market cap | – | $11.2B |
| P/E (trailing) | – | 33.2 |
| Dividend yield | 1.01% | 1.38% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TFII |
|---|---|---|
| 2022 | -18.2% | -9.5% |
| 2023 | +26.2% | +37.3% |
| 2024 | +24.9% | +0.5% |
| 2025 | +17.7% | -22.7% |
| 2026 | +13.7% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TFII good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TFII?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.29 over the last year and 0.45 over 5 years.
Is TFII a good diversifier for SPY?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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-tfii.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tfii/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TFII correlations
