SPY vs TMC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and TMC the metals company Inc. (TMC) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TMC?
Across a 3-year window, the weekly returns of SPY and TMC correlate at 0.18, weak. The past 12 months show a tighter link (0.38) than the 3-year average (0.18). Stretching to 5 years gives 0.14, with an annualized covariance of 251.8 %².
Among the 4755 assets we track against SPY, TMC ranks #3493 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.7 points (+20.6% versus -4.1%). Note the risk asymmetry: TMC runs 6.5 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 TMC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TMC (TMC the metals company Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -4.1% |
| 5-year return | +82.4% | -45.9% |
| Volatility (ann.) | 14.5% | 94.3% |
| Beta vs S&P 500 | 1.00 | 1.21 |
| Max drawdown (3Y) | -18.8% | -67.7% |
| Market cap | – | $2.9B |
| 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 | TMC |
|---|---|---|
| 2022 | -18.2% | -63.0% |
| 2023 | +26.2% | +42.9% |
| 2024 | +24.9% | +1.8% |
| 2025 | +17.7% | +450.9% |
| 2026 | +13.7% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TMC good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TMC?
The SPY/TMC correlation stands at 0.18 on a 3-year window (1 year: 0.38, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is TMC a good diversifier for SPY?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
A reading of 0.18 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-tmc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tmc/)
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Related comparisons
Hubs: SPY correlations · TMC correlations
