SPY vs TONX: Correlation
SPDR S&P 500 ETF Trust (SPY) and TON Strategy Company (TONX) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TONX?
Across a 3-year window, the weekly returns of SPY and TONX correlate at 0.12, weak. The link has tightened recently: the 1-year correlation (0.23) runs above the 3-year figure (0.12). Stretching to 5 years gives 0.13, with an annualized covariance of 328.1 %².
Among the 4755 assets we track against SPY, TONX ranks #3968 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 97.8 points (+20.6% versus -77.2%). Note the risk asymmetry: TONX runs 12.6 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 TONX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | +20.6% | -77.2% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 182.6% |
| Beta vs S&P 500 | 1.00 | 1.57 |
| Max drawdown (3Y) | -18.8% | -99.7% |
| 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 | TONX |
|---|---|---|
| 2022 | -18.2% | -86.8% |
| 2023 | +26.2% | -97.4% |
| 2024 | +24.9% | -81.0% |
| 2025 | +17.7% | -69.6% |
| 2026 | +13.7% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TONX good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TONX?
As of 2026-08-27, the correlation of weekly returns between SPY and TONX is 0.12 over 3 years, 0.23 over 1 year and 0.13 over 5 years.
Is TONX a good diversifier for SPY?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TONX correlations
