SPY vs TGS: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Transportadora de Gas del Sur SA TGS (TGS) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TGS?
On 3 years of weekly data the SPY/TGS correlation comes out at 0.09, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.08) than the 3-year average (0.09). The 5-year figure is 0.15, and annualized covariance runs at 68.4 %².
Among the 4755 assets we track against SPY, TGS ranks #4176 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +6.6%, a 14.0-point spread. Note the risk asymmetry: TGS runs 3.8 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 TGS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TGS (Transportadora de Gas del Sur SA TGS) | |
|---|---|---|
| 1-year return | +20.6% | +6.6% |
| 5-year return | +82.4% | +412.6% |
| Volatility (ann.) | 14.5% | 55.6% |
| Beta vs S&P 500 | 1.00 | 0.33 |
| Max drawdown (3Y) | -18.8% | -39.5% |
| Market cap | – | $4.3B |
| P/E (trailing) | – | 12.4 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TGS |
|---|---|---|
| 2022 | -18.2% | +165.8% |
| 2023 | +26.2% | +27.9% |
| 2024 | +24.9% | +94.0% |
| 2025 | +17.7% | +6.2% |
| 2026 | +13.7% | -8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TGS good diversifiers for each other?
Yes. With a correlation of 0.09, SPY and TGS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TGS?
As of 2026-08-27, the correlation of weekly returns between SPY and TGS is 0.09 over 3 years, -0.08 over 1 year and 0.15 over 5 years.
Is TGS a good diversifier for SPY?
Yes. With a correlation of 0.09, SPY and TGS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
A reading of 0.09 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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Hubs: SPY correlations · TGS correlations
