SPY vs TMCI: Correlation
SPDR S&P 500 ETF Trust (SPY) and Treace Medical Concepts, Inc. (TMCI) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TMCI?
Across a 3-year window, the weekly returns of SPY and TMCI correlate at 0.37, moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.37). Stretching to 5 years gives 0.34, with an annualized covariance of 494.3 %².
By 3-year correlation, TMCI places #1497 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 58.6 percentage points (+20.6% for SPY against -38.0% for TMCI). Risk is not evenly split, since TMCI carries 6.4 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 TMCI: side by side
| SPY (SPDR S&P 500 ETF Trust) | TMCI (Treace Medical Concepts, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -38.0% |
| 5-year return | +82.4% | -81.5% |
| Volatility (ann.) | 14.5% | 92.1% |
| Beta vs S&P 500 | 1.00 | 2.37 |
| Max drawdown (3Y) | -18.8% | -92.6% |
| Market cap | – | $0.3B |
| 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, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TMCI |
|---|---|---|
| 2022 | -18.2% | +23.3% |
| 2023 | +26.2% | -44.5% |
| 2024 | +24.9% | -41.6% |
| 2025 | +17.7% | -67.1% |
| 2026 | +13.7% | +87.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TMCI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TMCI?
The SPY/TMCI correlation stands at 0.37 on a 3-year window (1 year: 0.49, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is TMCI a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tmci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tmci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TMCI correlations
