SPY vs TG: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tredegar Corporation (TG) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TG?
On 3 years of weekly data the SPY/TG correlation comes out at 0.32, moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.32). The 5-year figure is 0.30, and annualized covariance runs at 215.7 %².
By 3-year correlation, TG places #2015 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 21.1 percentage points, +20.6% for SPY against -0.5% for TG. Note the risk asymmetry: TG runs 3.3 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 TG: side by side
| SPY (SPDR S&P 500 ETF Trust) | TG (Tredegar Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -0.5% |
| 5-year return | +82.4% | -35.5% |
| Volatility (ann.) | 14.5% | 47.3% |
| Beta vs S&P 500 | 1.00 | 1.03 |
| Max drawdown (3Y) | -18.8% | -33.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 8.2 |
| Dividend yield | 1.01% | 0.00% |
| 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 | TG |
|---|---|---|
| 2022 | -18.2% | -9.6% |
| 2023 | +26.2% | -45.2% |
| 2024 | +24.9% | +42.0% |
| 2025 | +17.7% | -6.5% |
| 2026 | +13.7% | +6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TG?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.21 over the last year and 0.30 over 5 years.
Is TG a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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.
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Related comparisons
Hubs: SPY correlations · TG correlations
