SPY vs TNMG: Correlation
SPDR S&P 500 ETF Trust (SPY) and TNL Mediagene (TNMG) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNMG?
Across a 3-year window, the weekly returns of SPY and TNMG correlate at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.23 over 3 years. Stretching to 5 years gives 0.16, with an annualized covariance of 428.4 %².
Within SPY's tracked universe of 4755 assets, TNMG comes in at #2984 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 114.7 points (+20.6% versus -94.1%). One caveat on sizing: TNMG is 8.7 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 TNMG: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNMG (TNL Mediagene) | |
|---|---|---|
| 1-year return | +20.6% | -94.1% |
| 5-year return | +82.4% | -99.7% |
| Volatility (ann.) | 14.5% | 126.7% |
| Beta vs S&P 500 | 1.00 | 2.05 |
| Max drawdown (3Y) | -18.8% | -99.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | TNMG |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | +4.9% |
| 2024 | +24.9% | -26.4% |
| 2025 | +17.7% | -98.3% |
| 2026 | +13.7% | -81.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNMG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TNMG?
As of 2026-08-27, the correlation of weekly returns between SPY and TNMG is 0.23 over 3 years, 0.04 over 1 year and 0.16 over 5 years.
Is TNMG a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tnmg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tnmg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TNMG correlations
