SPY vs TJX: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TJX Companies (TJX) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TJX?
On 3 years of weekly data the SPY/TJX correlation comes out at 0.36, moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.36). The 5-year figure is 0.51, and annualized covariance runs at 94.0 %².
Within SPY's tracked universe of 4755 assets, TJX comes in at #1593 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 21.6 percentage points (+20.6% for SPY against -1.0% for TJX). This link changes with the market regime, having swung between 0.06 and 0.68 on a rolling one-year basis.
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 TJX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TJX (TJX Companies) | |
|---|---|---|
| 1-year return | +20.6% | -1.0% |
| 5-year return | +82.4% | +98.2% |
| Volatility (ann.) | 14.5% | 18.3% |
| Beta vs S&P 500 | 1.00 | 0.45 |
| Max drawdown (3Y) | -18.8% | -20.1% |
| Market cap | – | $148.3B |
| P/E (trailing) | – | 24.9 |
| Dividend yield | 1.01% | 1.32% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Consumer Discretionary |
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 | TJX |
|---|---|---|
| 2022 | -18.2% | +6.7% |
| 2023 | +26.2% | +19.7% |
| 2024 | +24.9% | +30.6% |
| 2025 | +17.7% | +28.7% |
| 2026 | +13.7% | -11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds TJX at a 0.23% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and TJX good diversifiers for each other?
Reasonably. At 0.36, SPY and TJX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TJX?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.10 over the last year and 0.51 over 5 years.
Is TJX a good diversifier for SPY?
Reasonably. At 0.36, SPY and TJX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tjx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tjx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TJX correlations
