SPY vs TSBK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Timberland Bancorp, Inc. (TSBK) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TSBK?
Over the past 3 years, SPY and TSBK moved with a correlation of 0.33, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.02 versus 0.33 over 3 years. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 120.6 %².
Among the 4755 assets we track against SPY, TSBK ranks #1916 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TSBK outperformed by 22.1 percentage points (+20.6% for SPY against +42.7% for TSBK). One caveat on sizing: TSBK is 1.8 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 TSBK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TSBK (Timberland Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +42.7% |
| 5-year return | +82.4% | +87.7% |
| Volatility (ann.) | 14.5% | 25.5% |
| Beta vs S&P 500 | 1.00 | 0.58 |
| Max drawdown (3Y) | -18.8% | -22.9% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 11.6 |
| Dividend yield | 1.01% | 2.43% |
| 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 | TSBK |
|---|---|---|
| 2022 | -18.2% | +27.5% |
| 2023 | +26.2% | -4.8% |
| 2024 | +24.9% | +0.4% |
| 2025 | +17.7% | +21.3% |
| 2026 | +13.7% | +31.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TSBK good diversifiers for each other?
Reasonably. At 0.33, SPY and TSBK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TSBK?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.02 over the last year and 0.23 over 5 years.
Is TSBK a good diversifier for SPY?
Reasonably. At 0.33, SPY and TSBK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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-tsbk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tsbk/)
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Related comparisons
Hubs: SPY correlations · TSBK correlations
