SPY vs TNK: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Teekay Tankers Ltd. (TNK) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNK?
Across a 3-year window, the weekly returns of SPY and TNK correlate at 0.19, weak. Little has changed lately, as the 1-year reading of 0.11 lands near the 3-year figure. Stretching to 5 years gives 0.16, with an annualized covariance of 106.4 %².
Among the 4755 assets we track against SPY, TNK ranks #3395 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TNK outperformed by 66.7 percentage points (+20.6% for SPY against +87.3% for TNK). Note the risk asymmetry: TNK runs 2.7 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 TNK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNK (Teekay Tankers Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | +87.3% |
| 5-year return | +82.4% | +813.1% |
| Volatility (ann.) | 14.5% | 38.5% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -18.8% | -52.4% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 4.9 |
| Dividend yield | 1.01% | 1.20% |
| 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 | TNK |
|---|---|---|
| 2022 | -18.2% | +182.7% |
| 2023 | +26.2% | +69.2% |
| 2024 | +24.9% | -16.6% |
| 2025 | +17.7% | +39.6% |
| 2026 | +13.7% | +68.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNK good diversifiers for each other?
Yes. With a correlation of 0.19, SPY and TNK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TNK?
The SPY/TNK correlation stands at 0.19 on a 3-year window (1 year: 0.11, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is TNK a good diversifier for SPY?
Yes. With a correlation of 0.19, SPY and TNK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
A reading of 0.19 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-tnk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tnk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TNK correlations
