SPY vs TPL: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TPL?
Across a 3-year window, the weekly returns of SPY and TPL correlate at 0.18, weak. Lately the two have drifted apart, with the 1-year correlation at -0.30 versus 0.18 over 3 years. Stretching to 5 years gives 0.22, with an annualized covariance of 128.9 %².
Among the 4755 assets we track against SPY, TPL ranks #3495 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +22.8%. This link changes with the market regime, having swung between -0.28 and 0.49 on a rolling one-year basis. One caveat on sizing: TPL is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TPL: side by side
| SPY (SPDR S&P 500 ETF Trust) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +22.8% |
| 5-year return | +82.4% | +149.6% |
| Volatility (ann.) | 14.5% | 50.0% |
| Beta vs S&P 500 | 1.00 | 0.62 |
| Max drawdown (3Y) | -18.8% | -52.2% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 47.2 |
| Dividend yield | 1.01% | 0.61% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Energy |
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 | TPL |
|---|---|---|
| 2022 | -18.2% | +91.3% |
| 2023 | +26.2% | -32.4% |
| 2024 | +24.9% | +115.3% |
| 2025 | +17.7% | -21.6% |
| 2026 | +13.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TPL good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TPL?
The SPY/TPL correlation stands at 0.18 on a 3-year window (1 year: -0.30, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is TPL a good diversifier for SPY?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
A reading of 0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · TPL correlations
