SPY vs TKO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TKO Group Holdings (TKO) 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 TKO?
Across a 3-year window, the weekly returns of SPY and TKO correlate at 0.31, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.31). Stretching to 5 years gives 0.32, with an annualized covariance of 145.5 %².
Within SPY's tracked universe of 4755 assets, TKO comes in at #2125 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 19.8 points (+20.6% versus +0.8%). Across three years, the rolling one-year figure varied moderately, from 0.12 to 0.54. Risk is not evenly split, since TKO carries 2.2 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 TKO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TKO (TKO Group Holdings) | |
|---|---|---|
| 1-year return | +20.6% | +0.8% |
| 5-year return | +82.4% | +281.8% |
| Volatility (ann.) | 14.5% | 32.1% |
| Beta vs S&P 500 | 1.00 | 0.70 |
| Max drawdown (3Y) | -18.8% | -34.8% |
| Market cap | – | $34.9B |
| P/E (trailing) | – | 65.8 |
| Dividend yield | 1.01% | 1.66% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Communication Services |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TKO |
|---|---|---|
| 2022 | -18.2% | +39.9% |
| 2023 | +26.2% | +23.9% |
| 2024 | +24.9% | +74.2% |
| 2025 | +17.7% | +48.9% |
| 2026 | +13.7% | -11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TKO good diversifiers for each other?
Reasonably. At 0.31, SPY and TKO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TKO?
The SPY/TKO correlation stands at 0.31 on a 3-year window (1 year: 0.17, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is TKO a good diversifier for SPY?
Reasonably. At 0.31, SPY and TKO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tko.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tko/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TKO correlations
