SPY vs TNYA: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Tenaya Therapeutics, Inc. (TNYA) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TNYA?
Over the past 3 years, SPY and TNYA moved with a correlation of 0.33, which is moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.33). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 605.2 %².
By 3-year correlation, TNYA places #1914 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 57.4 percentage points, +20.6% for SPY against -36.8% for TNYA. Risk is not evenly split, since TNYA carries 8.7 times the volatility of the other side.
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 TNYA: side by side
| SPY (SPDR S&P 500 ETF Trust) | TNYA (Tenaya Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -36.8% |
| 5-year return | +82.4% | -97.3% |
| Volatility (ann.) | 14.5% | 126.0% |
| Beta vs S&P 500 | 1.00 | 2.90 |
| Max drawdown (3Y) | -18.8% | -94.3% |
| 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 |
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 | TNYA |
|---|---|---|
| 2022 | -18.2% | -89.4% |
| 2023 | +26.2% | +61.2% |
| 2024 | +24.9% | -55.9% |
| 2025 | +17.7% | -50.2% |
| 2026 | +13.7% | -2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TNYA good diversifiers for each other?
Reasonably. At 0.33, SPY and TNYA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TNYA?
As of 2026-08-27, the correlation of weekly returns between SPY and TNYA is 0.33 over 3 years, 0.17 over 1 year and 0.33 over 5 years.
Is TNYA a good diversifier for SPY?
Reasonably. At 0.33, SPY and TNYA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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-tnya.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tnya/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TNYA correlations
