SPY vs TNXP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tonix Pharmaceuticals Holding Corp. (TNXP) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNXP?
Across a 3-year window, the weekly returns of SPY and TNXP correlate at 0.14, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 328.1 %².
Among the 4755 assets we track against SPY, TNXP ranks #3821 by 3-year correlation. The last year tells two different stories: SPY led by 78.5 percentage points, +20.6% for SPY against -57.9% for TNXP. Note the risk asymmetry: TNXP runs 11.4 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 TNXP: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNXP (Tonix Pharmaceuticals Holding Corp.) | |
|---|---|---|
| 1-year return | +20.6% | -57.9% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 164.8% |
| Beta vs S&P 500 | 1.00 | 1.57 |
| Max drawdown (3Y) | -18.8% | -99.8% |
| Market cap | – | $0.2B |
| 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 | TNXP |
|---|---|---|
| 2022 | -18.2% | -96.6% |
| 2023 | +26.2% | -83.6% |
| 2024 | +24.9% | -97.4% |
| 2025 | +17.7% | -52.7% |
| 2026 | +13.7% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNXP good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TNXP?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.21 over the last year and 0.23 over 5 years.
Is TNXP a good diversifier for SPY?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 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.
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Related comparisons
Hubs: SPY correlations · TNXP correlations
