SPY vs TNET: Correlation
SPDR S&P 500 ETF Trust (SPY) and TriNet Group, Inc. (TNET) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNET?
Over the past 3 years, SPY and TNET moved with a correlation of 0.28, which is weak. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.28). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 160.8 %².
By 3-year correlation, TNET places #2486 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 20.6 percentage points, +20.6% for SPY against +0.0% for TNET. Note the risk asymmetry: TNET runs 2.8 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 TNET: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNET (TriNet Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +0.0% |
| 5-year return | +82.4% | -20.5% |
| Volatility (ann.) | 14.5% | 40.1% |
| Beta vs S&P 500 | 1.00 | 0.77 |
| Max drawdown (3Y) | -18.8% | -74.0% |
| Market cap | – | $3.2B |
| P/E (trailing) | – | 18.6 |
| Dividend yield | 1.01% | 1.61% |
| 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 | TNET |
|---|---|---|
| 2022 | -18.2% | -28.8% |
| 2023 | +26.2% | +75.4% |
| 2024 | +24.9% | -23.1% |
| 2025 | +17.7% | -33.9% |
| 2026 | +13.7% | +19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNET good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TNET?
As of 2026-08-27, the correlation of weekly returns between SPY and TNET is 0.28 over 3 years, 0.18 over 1 year and 0.39 over 5 years.
Is TNET a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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-tnet.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tnet/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TNET correlations
