SPY vs TNL: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Travel Leisure Co. (TNL) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNL?
Across a 3-year window, the weekly returns of SPY and TNL correlate at 0.57, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.57 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 248.3 %².
Within SPY's tracked universe of 4755 assets, TNL comes in at #238 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +19.2% for TNL. One caveat on sizing: TNL is 2.1 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 TNL: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNL (Travel Leisure Co.) | |
|---|---|---|
| 1-year return | +20.6% | +19.2% |
| 5-year return | +82.4% | +59.9% |
| Volatility (ann.) | 14.5% | 30.1% |
| Beta vs S&P 500 | 1.00 | 1.19 |
| Max drawdown (3Y) | -18.8% | -32.2% |
| Market cap | – | $4.4B |
| P/E (trailing) | – | 19.9 |
| Dividend yield | 1.01% | 3.15% |
| 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 | TNL |
|---|---|---|
| 2022 | -18.2% | -31.7% |
| 2023 | +26.2% | +12.5% |
| 2024 | +24.9% | +34.8% |
| 2025 | +17.7% | +45.5% |
| 2026 | +13.7% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNL good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and TNL?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.36 over the last year and 0.60 over 5 years.
Is TNL a good diversifier for SPY?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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-tnl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TNL correlations
