SPY vs TLRY: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tilray Brands, Inc. (TLRY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLRY?
Over the past 3 years, SPY and TLRY moved with a correlation of 0.23, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.23 over 3 years. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 285.9 %².
By 3-year correlation, TLRY places #2983 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 87.2 points (+20.6% versus -66.6%). One caveat on sizing: TLRY is 6.0 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 TLRY: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLRY (Tilray Brands, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -66.6% |
| 5-year return | +82.4% | -96.5% |
| Volatility (ann.) | 14.5% | 86.6% |
| Beta vs S&P 500 | 1.00 | 1.37 |
| Max drawdown (3Y) | -18.8% | -89.1% |
| Market cap | – | $0.6B |
| 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 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 | TLRY |
|---|---|---|
| 2022 | -18.2% | -61.7% |
| 2023 | +26.2% | -14.5% |
| 2024 | +24.9% | -42.2% |
| 2025 | +17.7% | -32.1% |
| 2026 | +13.7% | -49.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLRY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TLRY?
As of 2026-08-27, the correlation of weekly returns between SPY and TLRY is 0.23 over 3 years, 0.03 over 1 year and 0.30 over 5 years.
Is TLRY a good diversifier for SPY?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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-tlry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tlry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TLRY correlations
