SPY vs TKNO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Alpha Teknova, Inc. (TKNO) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TKNO?
Across a 3-year window, the weekly returns of SPY and TKNO correlate at 0.15, weak. Lately the two have moved closer together, with the 1-year correlation at 0.28 versus 0.15 over 3 years. Stretching to 5 years gives 0.17, with an annualized covariance of 230.5 %².
By 3-year correlation, TKNO places #3742 of the 4755 assets tracked against SPY. The last year tells two different stories: TKNO led by 43.7 percentage points, +20.6% for SPY against +64.3% for TKNO. Risk is not evenly split, since TKNO carries 7.4 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 TKNO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TKNO (Alpha Teknova, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +64.3% |
| 5-year return | +82.4% | -61.5% |
| Volatility (ann.) | 14.5% | 107.9% |
| Beta vs S&P 500 | 1.00 | 1.10 |
| Max drawdown (3Y) | -18.8% | -79.6% |
| Market cap | – | $0.4B |
| 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 |
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 | TKNO |
|---|---|---|
| 2022 | -18.2% | -72.5% |
| 2023 | +26.2% | -33.9% |
| 2024 | +24.9% | +123.9% |
| 2025 | +17.7% | -54.5% |
| 2026 | +13.7% | +92.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TKNO good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TKNO?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.28 over the last year and 0.17 over 5 years.
Is TKNO a good diversifier for SPY?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
A reading of 0.15 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
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Related comparisons
Hubs: SPY correlations · TKNO correlations
