SPY vs TMO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Thermo Fisher Scientific (TMO) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TMO?
On 3 years of weekly data the SPY/TMO correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.23 versus 0.36 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 154.5 %².
Within SPY's tracked universe of 4755 assets, TMO comes in at #1594 by 3-year correlation. Over the last 12 months TMO came out ahead by 9.1 percentage points (+20.6% against +29.7%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.18 to 0.72. Note the risk asymmetry: TMO runs 2.0 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 TMO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +20.6% | +29.7% |
| 5-year return | +82.4% | +14.5% |
| Volatility (ann.) | 14.5% | 29.4% |
| Beta vs S&P 500 | 1.00 | 0.74 |
| Max drawdown (3Y) | -18.8% | -37.3% |
| Market cap | – | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 1.01% | 0.28% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | TMO |
|---|---|---|
| 2022 | -18.2% | -17.3% |
| 2023 | +26.2% | -3.4% |
| 2024 | +24.9% | -1.7% |
| 2025 | +17.7% | +11.8% |
| 2026 | +13.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TMO represents 0.36% of SPY's portfolio, so part of any move in SPY is TMO itself, and the correlation between them is partly mechanical.
Are SPY and TMO good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TMO?
As of 2026-08-27, the correlation of weekly returns between SPY and TMO is 0.36 over 3 years, 0.23 over 1 year and 0.49 over 5 years.
Is TMO a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 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-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tmo/)
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Related comparisons
Hubs: SPY correlations · TMO correlations
