SPY vs TLK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and PT Telekomunikasi Indonesia, Tbk (TLK) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLK?
On 3 years of weekly data the SPY/TLK correlation comes out at 0.34, moderate. Recent behaviour matches the longer record: 0.26 over 1 year against 0.34 over 3. The 5-year figure is 0.27, and annualized covariance runs at 136.9 %².
Among the 4755 assets we track against SPY, TLK ranks #1810 by 3-year correlation. The last year tells two different stories: SPY led by 39.9 percentage points, +20.6% for SPY against -19.3% for TLK. One caveat on sizing: TLK is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TLK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLK (PT Telekomunikasi Indonesia, Tbk) | |
|---|---|---|
| 1-year return | +20.6% | -19.3% |
| 5-year return | +82.4% | -18.1% |
| Volatility (ann.) | 14.5% | 27.9% |
| Beta vs S&P 500 | 1.00 | 0.66 |
| Max drawdown (3Y) | -18.8% | -47.6% |
| Market cap | – | $14.3B |
| P/E (trailing) | – | 14.7 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | TLK |
|---|---|---|
| 2022 | -18.2% | -14.6% |
| 2023 | +26.2% | +12.6% |
| 2024 | +24.9% | -32.3% |
| 2025 | +17.7% | +37.8% |
| 2026 | +13.7% | -25.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TLK?
As of 2026-08-27, the correlation of weekly returns between SPY and TLK is 0.34 over 3 years, 0.26 over 1 year and 0.27 over 5 years.
Is TLK a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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-tlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tlk/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TLK correlations
