SPY vs TK: Correlation
SPDR S&P 500 ETF Trust (SPY) and Teekay Corporation Ltd. (TK) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TK?
Across a 3-year window, the weekly returns of SPY and TK correlate at 0.24, weak. Little has changed lately, as the 1-year reading of 0.14 lands near the 3-year figure. Stretching to 5 years gives 0.24, with an annualized covariance of 125.0 %².
Among the 4755 assets we track against SPY, TK ranks #2887 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TK outperformed by 49.8 percentage points (+20.6% for SPY against +70.4% for TK). Note the risk asymmetry: TK runs 2.5 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 TK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TK (Teekay Corporation Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | +70.4% |
| 5-year return | +82.4% | +508.0% |
| Volatility (ann.) | 14.5% | 36.4% |
| Beta vs S&P 500 | 1.00 | 0.60 |
| Max drawdown (3Y) | -18.8% | -32.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 5.9 |
| 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 | TK |
|---|---|---|
| 2022 | -18.2% | +44.6% |
| 2023 | +26.2% | +57.5% |
| 2024 | +24.9% | +11.5% |
| 2025 | +17.7% | +48.2% |
| 2026 | +13.7% | +52.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TK?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.14 over the last year and 0.24 over 5 years.
Is TK a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 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-tk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TK correlations
