SPY vs TFSL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TFS Financial Corporation (TFSL) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TFSL?
On 3 years of weekly data the SPY/TFSL correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (0.01) runs below the 3-year figure (0.31). The 5-year figure is 0.41, and annualized covariance runs at 102.0 %².
Within SPY's tracked universe of 4755 assets, TFSL comes in at #2122 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TFSL outperformed by 15.6 percentage points (+20.6% for SPY against +36.2% for TFSL). Note the risk asymmetry: TFSL runs 1.6 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 TFSL: side by side
| SPY (SPDR S&P 500 ETF Trust) | TFSL (TFS Financial Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +36.2% |
| 5-year return | +82.4% | +35.4% |
| Volatility (ann.) | 14.5% | 23.1% |
| Beta vs S&P 500 | 1.00 | 0.49 |
| Max drawdown (3Y) | -18.8% | -21.3% |
| Market cap | – | $5.0B |
| P/E (trailing) | – | 49.7 |
| Dividend yield | 1.01% | 6.31% |
| 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 | TFSL |
|---|---|---|
| 2022 | -18.2% | -13.0% |
| 2023 | +26.2% | +11.2% |
| 2024 | +24.9% | -6.7% |
| 2025 | +17.7% | +16.0% |
| 2026 | +13.7% | +39.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TFSL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TFSL?
As of 2026-08-27, the correlation of weekly returns between SPY and TFSL is 0.31 over 3 years, 0.01 over 1 year and 0.41 over 5 years.
Is TFSL a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · TFSL correlations
