SPY vs TGLS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tecnoglass Holdings Inc. (TGLS) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TGLS?
On 3 years of weekly data the SPY/TGLS correlation comes out at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.44 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 266.6 %².
Within SPY's tracked universe of 4755 assets, TGLS comes in at #826 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 65.0 percentage points (+20.6% for SPY against -44.4% for TGLS). One caveat on sizing: TGLS is 2.9 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 TGLS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TGLS (Tecnoglass Holdings Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -44.4% |
| 5-year return | +82.4% | +85.6% |
| Volatility (ann.) | 14.5% | 41.6% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -18.8% | -56.8% |
| Market cap | – | $1.8B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 1.01% | 1.47% |
| 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 | TGLS |
|---|---|---|
| 2022 | -18.2% | +18.9% |
| 2023 | +26.2% | +49.9% |
| 2024 | +24.9% | +74.9% |
| 2025 | +17.7% | -36.3% |
| 2026 | +13.7% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TGLS good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TGLS?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.20 over the last year and 0.34 over 5 years.
Is TGLS a good diversifier for SPY?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tgls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tgls/)
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Related comparisons
Hubs: SPY correlations · TGLS correlations
