SPY vs TNC: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tennant Company (TNC) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNC?
Over the past 3 years, SPY and TNC moved with a correlation of 0.41, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.17 versus 0.41 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 188.5 %².
Within SPY's tracked universe of 4755 assets, TNC comes in at #1091 by 3-year correlation. The last year tells two different stories: SPY led by 35.6 percentage points, +20.6% for SPY against -15.0% for TNC. One caveat on sizing: TNC is 2.2 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 TNC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNC (Tennant Company) | |
|---|---|---|
| 1-year return | +20.6% | -15.0% |
| 5-year return | +82.4% | +1.8% |
| Volatility (ann.) | 14.5% | 31.5% |
| Beta vs S&P 500 | 1.00 | 0.90 |
| Max drawdown (3Y) | -18.8% | -49.0% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 67.3 |
| Dividend yield | 1.01% | 1.74% |
| 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 | TNC |
|---|---|---|
| 2022 | -18.2% | -22.8% |
| 2023 | +26.2% | +52.6% |
| 2024 | +24.9% | -11.0% |
| 2025 | +17.7% | -8.2% |
| 2026 | +13.7% | -4.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TNC?
As of 2026-08-27, the correlation of weekly returns between SPY and TNC is 0.41 over 3 years, 0.17 over 1 year and 0.47 over 5 years.
Is TNC a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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-tnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tnc/)
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Related comparisons
Hubs: SPY correlations · TNC correlations
