SPY vs TIL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Instil Bio, Inc. (TIL) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TIL?
Across a 3-year window, the weekly returns of SPY and TIL correlate at 0.19, weak. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.19). Stretching to 5 years gives 0.20, with an annualized covariance of 817.7 %².
Within SPY's tracked universe of 4755 assets, TIL comes in at #3394 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 92.5 points (+20.6% versus -71.9%). Note the risk asymmetry: TIL runs 20.4 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 TIL: side by side
| SPY (SPDR S&P 500 ETF Trust) | TIL (Instil Bio, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -71.9% |
| 5-year return | +82.4% | -97.9% |
| Volatility (ann.) | 14.5% | 296.1% |
| Beta vs S&P 500 | 1.00 | 3.91 |
| Max drawdown (3Y) | -18.8% | -92.1% |
| Market cap | – | $0.1B |
| 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 |
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 | TIL |
|---|---|---|
| 2022 | -18.2% | -96.3% |
| 2023 | +26.2% | -39.5% |
| 2024 | +24.9% | +150.5% |
| 2025 | +17.7% | -42.4% |
| 2026 | +13.7% | -28.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TIL good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TIL?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.08 over the last year and 0.20 over 5 years.
Is TIL a good diversifier for SPY?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-til.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-til/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TIL correlations
