SPY vs TLSA: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tiziana Life Sciences Ltd (TLSA) show a near-zero relationship: their 3-year correlation of weekly returns is -0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLSA?
Across a 3-year window, the weekly returns of SPY and TLSA correlate at -0.08, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.15) than the 3-year average (-0.08). Stretching to 5 years gives -0.01, with an annualized covariance of -100.6 %².
By 3-year correlation, TLSA places #4725 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 62.2 percentage points (+20.6% for SPY against -41.6% for TLSA). Note the risk asymmetry: TLSA runs 6.4 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 TLSA: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLSA (Tiziana Life Sciences Ltd) | |
|---|---|---|
| 1-year return | +20.6% | -41.6% |
| 5-year return | +82.4% | -31.6% |
| Volatility (ann.) | 14.5% | 92.1% |
| Beta vs S&P 500 | 1.00 | -0.48 |
| Max drawdown (3Y) | -18.8% | -64.4% |
| 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 |
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 | TLSA |
|---|---|---|
| 2022 | -18.2% | -37.5% |
| 2023 | +26.2% | -6.7% |
| 2024 | +24.9% | +25.0% |
| 2025 | +17.7% | +112.9% |
| 2026 | +13.7% | -27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLSA good diversifiers for each other?
Yes: at -0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TLSA?
The SPY/TLSA correlation stands at -0.08 on a 3-year window (1 year: 0.15, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is TLSA a good diversifier for SPY?
Yes: at -0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.08 mean?
A reading of -0.08 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-tlsa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tlsa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TLSA correlations
