SPY vs TLPH: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Talphera, Inc. (TLPH) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLPH?
On 3 years of weekly data the SPY/TLPH correlation comes out at 0.21, weak. Little has changed lately, as the 1-year reading of 0.16 lands near the 3-year figure. The 5-year figure is 0.11, and annualized covariance runs at 266.0 %².
Among the 4755 assets we track against SPY, TLPH ranks #3186 by 3-year correlation. The last year tells two different stories: TLPH led by 107.2 percentage points, +20.6% for SPY against +127.8% for TLPH. Risk is not evenly split, since TLPH carries 6.1 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 TLPH: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLPH (Talphera, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +127.8% |
| 5-year return | +82.4% | -94.6% |
| Volatility (ann.) | 14.5% | 88.9% |
| Beta vs S&P 500 | 1.00 | 1.27 |
| Max drawdown (3Y) | -18.8% | -73.5% |
| Market cap | – | $0.1B |
| 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 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 | TLPH |
|---|---|---|
| 2022 | -18.2% | -79.8% |
| 2023 | +26.2% | -67.3% |
| 2024 | +24.9% | -29.7% |
| 2025 | +17.7% | +119.2% |
| 2026 | +13.7% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLPH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TLPH?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.16 over the last year and 0.11 over 5 years.
Is TLPH a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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-tlph.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tlph/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TLPH correlations
