SPY vs TIPT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tiptree Inc. (TIPT) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TIPT?
On 3 years of weekly data the SPY/TIPT correlation comes out at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.31 over 3 years. The 5-year figure is 0.30, and annualized covariance runs at 148.4 %².
Among the 4755 assets we track against SPY, TIPT ranks #2124 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 41.9 percentage points (+20.6% for SPY against -21.3% for TIPT). Note the risk asymmetry: TIPT runs 2.3 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 TIPT: side by side
| SPY (SPDR S&P 500 ETF Trust) | TIPT (Tiptree Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -21.3% |
| 5-year return | +82.4% | +95.1% |
| Volatility (ann.) | 14.5% | 33.5% |
| Beta vs S&P 500 | 1.00 | 0.71 |
| Max drawdown (3Y) | -18.8% | -37.9% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.30% |
| 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 | TIPT |
|---|---|---|
| 2022 | -18.2% | +1.4% |
| 2023 | +26.2% | +38.8% |
| 2024 | +24.9% | +12.8% |
| 2025 | +17.7% | -11.4% |
| 2026 | +13.7% | +1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TIPT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TIPT?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.20 over the last year and 0.30 over 5 years.
Is TIPT a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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 · TIPT correlations
