SPY vs TIGO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Millicom International Cellular S.A. (TIGO) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TIGO?
Over the past 3 years, SPY and TIGO moved with a correlation of 0.09, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.07 versus 0.09 over 3 years. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 40.7 %².
Within SPY's tracked universe of 4755 assets, TIGO comes in at #4177 by 3-year correlation. The last year tells two different stories: TIGO led by 93.4 percentage points, +20.6% for SPY against +114.0% for TIGO. Note the risk asymmetry: TIGO runs 2.2 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 TIGO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TIGO (Millicom International Cellular S.A.) | |
|---|---|---|
| 1-year return | +20.6% | +114.0% |
| 5-year return | +82.4% | +193.9% |
| Volatility (ann.) | 14.5% | 31.5% |
| Beta vs S&P 500 | 1.00 | 0.20 |
| Max drawdown (3Y) | -18.8% | -17.7% |
| Market cap | – | $15.6B |
| P/E (trailing) | – | 23.3 |
| Dividend yield | 1.01% | 3.12% |
| 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 | TIGO |
|---|---|---|
| 2022 | -18.2% | -55.6% |
| 2023 | +26.2% | +42.5% |
| 2024 | +24.9% | +38.9% |
| 2025 | +17.7% | +152.3% |
| 2026 | +13.7% | +76.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TIGO good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TIGO?
The SPY/TIGO correlation stands at 0.09 on a 3-year window (1 year: -0.07, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is TIGO a good diversifier for SPY?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 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-tigo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tigo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TIGO correlations
