SPY vs TKC: Correlation
SPDR S&P 500 ETF Trust (SPY) and Turkcell Iletisim Hizmetleri AS (TKC) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TKC?
On 3 years of weekly data the SPY/TKC correlation comes out at 0.20, weak. Little has changed lately, as the 1-year reading of 0.17 lands near the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 94.5 %².
Within SPY's tracked universe of 4755 assets, TKC comes in at #3289 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 33.2 percentage points (+20.6% for SPY against -12.6% for TKC). Risk is not evenly split, since TKC carries 2.3 times the volatility of the other side.
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 TKC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TKC (Turkcell Iletisim Hizmetleri AS) | |
|---|---|---|
| 1-year return | +20.6% | -12.6% |
| 5-year return | +82.4% | +30.6% |
| Volatility (ann.) | 14.5% | 32.9% |
| Beta vs S&P 500 | 1.00 | 0.45 |
| Max drawdown (3Y) | -18.8% | -28.5% |
| Market cap | – | $4.7B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 1.01% | 0.00% |
| 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 | TKC |
|---|---|---|
| 2022 | -18.2% | +38.2% |
| 2023 | +26.2% | +2.5% |
| 2024 | +24.9% | +44.5% |
| 2025 | +17.7% | -14.3% |
| 2026 | +13.7% | -1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TKC good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TKC?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.17 over the last year and 0.22 over 5 years.
Is TKC a good diversifier for SPY?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 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-tkc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tkc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TKC correlations
