SPY vs TSAT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Telesat Corporation - Class A (TSAT) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TSAT?
Over the past 3 years, SPY and TSAT moved with a correlation of 0.27, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.50 versus 0.27 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 299.1 %².
Within SPY's tracked universe of 4755 assets, TSAT comes in at #2585 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TSAT ahead by 106.5 points (+20.6% versus +127.1%). Note the risk asymmetry: TSAT runs 5.3 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 TSAT: side by side
| SPY (SPDR S&P 500 ETF Trust) | TSAT (Telesat Corporation - Class A) | |
|---|---|---|
| 1-year return | +20.6% | +127.1% |
| 5-year return | +82.4% | +10.3% |
| Volatility (ann.) | 14.5% | 76.7% |
| Beta vs S&P 500 | 1.00 | 1.43 |
| Max drawdown (3Y) | -18.8% | -64.5% |
| Market cap | – | $2.3B |
| 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 |
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 | TSAT |
|---|---|---|
| 2022 | -18.2% | -73.8% |
| 2023 | +26.2% | +39.1% |
| 2024 | +24.9% | +57.6% |
| 2025 | +17.7% | +77.0% |
| 2026 | +13.7% | +57.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TSAT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TSAT?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.50 over the last year and 0.36 over 5 years.
Is TSAT a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tsat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tsat/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TSAT correlations
