SPY vs TLS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Telos Corporation (TLS) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLS?
Over the past 3 years, SPY and TLS moved with a correlation of 0.33, which is moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 529.7 %².
Within SPY's tracked universe of 4755 assets, TLS comes in at #1912 by 3-year correlation. The last year tells two different stories: SPY led by 37.9 percentage points, +20.6% for SPY against -17.3% for TLS. Risk is not evenly split, since TLS carries 7.6 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 TLS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLS (Telos Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -17.3% |
| 5-year return | +82.4% | -85.1% |
| Volatility (ann.) | 14.5% | 110.3% |
| Beta vs S&P 500 | 1.00 | 2.54 |
| Max drawdown (3Y) | -18.8% | -58.3% |
| Market cap | – | $0.4B |
| 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 |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TLS |
|---|---|---|
| 2022 | -18.2% | -67.0% |
| 2023 | +26.2% | -28.3% |
| 2024 | +24.9% | -6.3% |
| 2025 | +17.7% | +49.1% |
| 2026 | +13.7% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLS good diversifiers for each other?
Reasonably. At 0.33, SPY and TLS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TLS?
As of 2026-08-27, the correlation of weekly returns between SPY and TLS is 0.33 over 3 years, 0.38 over 1 year and 0.29 over 5 years.
Is TLS a good diversifier for SPY?
Reasonably. At 0.33, SPY and TLS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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.
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Related comparisons
Hubs: SPY correlations · TLS correlations
