SPY vs TPG: Correlation
SPDR S&P 500 ETF Trust (SPY) and TPG Inc. (TPG) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TPG?
On 3 years of weekly data the SPY/TPG correlation comes out at 0.62, strong. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 339.2 %².
By 3-year correlation, TPG places #156 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 28.7 percentage points, +20.6% for SPY against -8.1% for TPG. Risk is not evenly split, since TPG carries 2.6 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 TPG: side by side
| SPY (SPDR S&P 500 ETF Trust) | TPG (TPG Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -8.1% |
| 5-year return | +82.4% | +91.2% |
| Volatility (ann.) | 14.5% | 37.6% |
| Beta vs S&P 500 | 1.00 | 1.62 |
| Max drawdown (3Y) | -18.8% | -44.8% |
| Market cap | – | $21.1B |
| P/E (trailing) | – | 78.2 |
| Dividend yield | 1.01% | 4.24% |
| 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 | TPG |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | +62.4% |
| 2024 | +24.9% | +50.6% |
| 2025 | +17.7% | +5.1% |
| 2026 | +13.7% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TPG good diversifiers for each other?
Only partially. A correlation of 0.62 means SPY and TPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and TPG?
The SPY/TPG correlation stands at 0.62 on a 3-year window (1 year: 0.53, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is TPG a good diversifier for SPY?
Only partially. A correlation of 0.62 means SPY and TPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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-tpg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tpg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TPG correlations
