SPY vs TPB: Correlation
SPDR S&P 500 ETF Trust (SPY) and Turning Point Brands, Inc. (TPB) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TPB?
On 3 years of weekly data the SPY/TPB correlation comes out at 0.24, weak. The relationship has been stable: the 1-year correlation (0.19) sits close to the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 158.3 %².
Within SPY's tracked universe of 4755 assets, TPB comes in at #2888 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 34.8 points (+20.6% versus -14.2%). Note the risk asymmetry: TPB runs 3.1 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 TPB: side by side
| SPY (SPDR S&P 500 ETF Trust) | TPB (Turning Point Brands, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -14.2% |
| 5-year return | +82.4% | +74.4% |
| Volatility (ann.) | 14.5% | 44.7% |
| Beta vs S&P 500 | 1.00 | 0.76 |
| Max drawdown (3Y) | -18.8% | -50.6% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 38.3 |
| Dividend yield | 1.01% | 0.35% |
| 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 | TPB |
|---|---|---|
| 2022 | -18.2% | -42.2% |
| 2023 | +26.2% | +23.1% |
| 2024 | +24.9% | +130.1% |
| 2025 | +17.7% | +81.0% |
| 2026 | +13.7% | -22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TPB good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TPB?
As of 2026-08-27, the correlation of weekly returns between SPY and TPB is 0.24 over 3 years, 0.19 over 1 year and 0.25 over 5 years.
Is TPB a good diversifier for SPY?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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-tpb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tpb/)
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Related comparisons
Hubs: SPY correlations · TPB correlations
