SPY vs TLYS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tilly's, Inc. (TLYS) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TLYS?
On 3 years of weekly data the SPY/TLYS correlation comes out at 0.10, weak. Lately the two have drifted apart, with the 1-year correlation at -0.07 versus 0.10 over 3 years. The 5-year figure is 0.18, and annualized covariance runs at 141.0 %².
Within SPY's tracked universe of 4755 assets, TLYS comes in at #4115 by 3-year correlation. The last year tells two different stories: TLYS led by 84.7 percentage points, +20.6% for SPY against +105.3% for TLYS. One caveat on sizing: TLYS is 6.7 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 TLYS: side by side
| SPY (SPDR S&P 500 ETF Trust) | TLYS (Tilly's, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +105.3% |
| 5-year return | +82.4% | -74.2% |
| Volatility (ann.) | 14.5% | 96.5% |
| Beta vs S&P 500 | 1.00 | 0.68 |
| Max drawdown (3Y) | -18.8% | -92.3% |
| 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 | TLYS |
|---|---|---|
| 2022 | -18.2% | -43.8% |
| 2023 | +26.2% | -16.7% |
| 2024 | +24.9% | -43.6% |
| 2025 | +17.7% | -53.2% |
| 2026 | +13.7% | +93.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TLYS good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TLYS?
As of 2026-08-27, the correlation of weekly returns between SPY and TLYS is 0.10 over 3 years, -0.07 over 1 year and 0.18 over 5 years.
Is TLYS a good diversifier for SPY?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
A reading of 0.10 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-tlys.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tlys/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TLYS correlations
