SPY vs TSQ: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Townsquare Media, Inc. (TSQ) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TSQ?
On 3 years of weekly data the SPY/TSQ correlation comes out at 0.40, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.40 over 3. The 5-year figure is 0.39, and annualized covariance runs at 244.1 %².
Within SPY's tracked universe of 4755 assets, TSQ comes in at #1186 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 26.0 percentage points (+20.6% for SPY against -5.4% for TSQ). Risk is not evenly split, since TSQ carries 2.9 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 TSQ: side by side
| SPY (SPDR S&P 500 ETF Trust) | TSQ (Townsquare Media, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -5.4% |
| 5-year return | +82.4% | -37.3% |
| Volatility (ann.) | 14.5% | 41.8% |
| Beta vs S&P 500 | 1.00 | 1.17 |
| Max drawdown (3Y) | -18.8% | -61.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 13.68% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TSQ |
|---|---|---|
| 2022 | -18.2% | -45.6% |
| 2023 | +26.2% | +57.3% |
| 2024 | +24.9% | -9.3% |
| 2025 | +17.7% | -37.4% |
| 2026 | +13.7% | +24.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TSQ good diversifiers for each other?
Reasonably. At 0.40, SPY and TSQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TSQ?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.47 over the last year and 0.39 over 5 years.
Is TSQ a good diversifier for SPY?
Reasonably. At 0.40, SPY and TSQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tsq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tsq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TSQ correlations
