SPY vs TFX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Teleflex Incorporated (TFX) 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 TFX?
Across a 3-year window, the weekly returns of SPY and TFX correlate at 0.31, moderate. Recent behaviour matches the longer record: 0.29 over 1 year against 0.31 over 3. Stretching to 5 years gives 0.40, with an annualized covariance of 155.8 %².
Within SPY's tracked universe of 4755 assets, TFX comes in at #2123 by 3-year correlation. Over the last 12 months SPY came out ahead by 13.1 percentage points (+20.6% against +7.5%). Note the risk asymmetry: TFX runs 2.4 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 TFX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TFX (Teleflex Incorporated) | |
|---|---|---|
| 1-year return | +20.6% | +7.5% |
| 5-year return | +82.4% | -63.6% |
| Volatility (ann.) | 14.5% | 35.0% |
| Beta vs S&P 500 | 1.00 | 0.75 |
| Max drawdown (3Y) | -18.8% | -60.1% |
| Market cap | – | $5.8B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.98% |
| 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 | TFX |
|---|---|---|
| 2022 | -18.2% | -23.6% |
| 2023 | +26.2% | +0.5% |
| 2024 | +24.9% | -28.2% |
| 2025 | +17.7% | -30.7% |
| 2026 | +13.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TFX good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TFX?
The SPY/TFX correlation stands at 0.31 on a 3-year window (1 year: 0.29, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is TFX a good diversifier for SPY?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tfx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tfx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TFX correlations
