SPY vs TLN: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Talen Energy Corporation (TLN) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLN?
On 3 years of weekly data the SPY/TLN correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 291.4 %².
Among the 4755 assets we track against SPY, TLN ranks #914 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 40.8 points (+20.6% versus -20.2%). Note the risk asymmetry: TLN runs 3.3 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 TLN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLN (Talen Energy Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -20.2% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 47.4% |
| Beta vs S&P 500 | 1.00 | 1.39 |
| Max drawdown (3Y) | -18.8% | -33.8% |
| Market cap | – | $14.6B |
| 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 |
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 | TLN |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | +214.8% |
| 2025 | +17.7% | +86.1% |
| 2026 | +13.7% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLN good diversifiers for each other?
Reasonably. At 0.43, SPY and TLN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TLN?
As of 2026-08-27, the correlation of weekly returns between SPY and TLN is 0.43 over 3 years, 0.37 over 1 year and n/a over 5 years.
Is TLN a good diversifier for SPY?
Reasonably. At 0.43, SPY and TLN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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-tln.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tln/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TLN correlations
