SPY vs TNON: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tenon Medical, Inc. (TNON) show a near-zero relationship: their 3-year correlation of weekly returns is 0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNON?
On 3 years of weekly data the SPY/TNON correlation comes out at 0.02, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.04 over 1 year against 0.02 over 3. The 5-year figure is 0.02, and annualized covariance runs at 958.8 %².
By 3-year correlation, TNON places #4539 of the 4755 assets tracked against SPY. The last year tells two different stories: TNON led by 262.6 percentage points, +20.6% for SPY against +283.2% for TNON. One caveat on sizing: TNON is 207.9 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 TNON: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +283.2% |
| 5-year return | +82.4% | -99.7% |
| Volatility (ann.) | 14.5% | 3014.0% |
| Beta vs S&P 500 | 1.00 | 4.59 |
| Max drawdown (3Y) | -18.8% | -99.5% |
| 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 |
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 | TNON |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | -90.0% |
| 2024 | +24.9% | -85.1% |
| 2025 | +17.7% | -49.4% |
| 2026 | +13.7% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNON good diversifiers for each other?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TNON?
Using weekly returns as of 2026-08-27: 0.02 over 3 years, with 0.04 over the last year and 0.02 over 5 years.
Is TNON a good diversifier for SPY?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TNON correlations
