SPY vs TPVG: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TriplePoint Venture Growth BDC Corp. (TPVG) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TPVG?
Across a 3-year window, the weekly returns of SPY and TPVG correlate at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 222.2 %².
Among the 4755 assets we track against SPY, TPVG ranks #679 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 25.7 points (+20.6% versus -5.1%). Risk is not evenly split, since TPVG carries 2.3 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 TPVG: side by side
| SPY (SPDR S&P 500 ETF Trust) | TPVG (TriplePoint Venture Growth BDC Corp.) | |
|---|---|---|
| 1-year return | +20.6% | -5.1% |
| 5-year return | +82.4% | -31.0% |
| Volatility (ann.) | 14.5% | 33.8% |
| Beta vs S&P 500 | 1.00 | 1.06 |
| Max drawdown (3Y) | -18.8% | -43.4% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 5.4 |
| Dividend yield | 1.01% | 17.29% |
| 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 | TPVG |
|---|---|---|
| 2022 | -18.2% | -34.7% |
| 2023 | +26.2% | +20.3% |
| 2024 | +24.9% | -20.0% |
| 2025 | +17.7% | +3.9% |
| 2026 | +13.7% | -10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TPVG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TPVG?
The SPY/TPVG correlation stands at 0.46 on a 3-year window (1 year: 0.49, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is TPVG a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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[](https://www.pairbook.io/pair/spy-vs-tpvg/)
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Related comparisons
Hubs: SPY correlations · TPVG correlations
