SPY vs TGL: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Treasure Global Inc. (TGL) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TGL?
Across a 3-year window, the weekly returns of SPY and TGL correlate at 0.07, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.23) runs above the 3-year figure (0.07). Stretching to 5 years gives 0.11, with an annualized covariance of 153.4 %².
Among the 4755 assets we track against SPY, TGL ranks #4294 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 110.6 points (+20.6% versus -90.0%). One caveat on sizing: TGL is 10.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TGL: side by side
| SPY (SPDR S&P 500 ETF Trust) | TGL (Treasure Global Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -90.0% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 155.0% |
| Beta vs S&P 500 | 1.00 | 0.73 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | TGL |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | -94.8% |
| 2024 | +24.9% | -97.2% |
| 2025 | +17.7% | -96.5% |
| 2026 | +13.7% | -58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TGL good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TGL?
As of 2026-08-27, the correlation of weekly returns between SPY and TGL is 0.07 over 3 years, 0.23 over 1 year and 0.11 over 5 years.
Is TGL a good diversifier for SPY?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SPY correlations · TGL correlations
