SPY vs TV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Grupo Televisa S.A.B. (TV) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TV?
Over the past 3 years, SPY and TV moved with a correlation of 0.19, which is weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.19 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 143.9 %².
Within SPY's tracked universe of 4755 assets, TV comes in at #3396 by 3-year correlation. The last year tells two different stories: SPY led by 18.4 percentage points, +20.6% for SPY against +2.2% for TV. One caveat on sizing: TV is 3.6 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 TV: side by side
| SPY (SPDR S&P 500 ETF Trust) | TV (Grupo Televisa S.A.B.) | |
|---|---|---|
| 1-year return | +20.6% | +2.2% |
| 5-year return | +82.4% | -72.6% |
| Volatility (ann.) | 14.5% | 52.4% |
| Beta vs S&P 500 | 1.00 | 0.69 |
| Max drawdown (3Y) | -18.8% | -59.2% |
| Market cap | – | $1.4B |
| 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, 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 | TV |
|---|---|---|
| 2022 | -18.2% | -50.9% |
| 2023 | +26.2% | -25.2% |
| 2024 | +24.9% | -40.6% |
| 2025 | +17.7% | +81.5% |
| 2026 | +13.7% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TV good diversifiers for each other?
Yes. With a correlation of 0.19, SPY and TV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TV?
The SPY/TV correlation stands at 0.19 on a 3-year window (1 year: 0.19, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is TV a good diversifier for SPY?
Yes. With a correlation of 0.19, SPY and TV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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-tv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TV correlations
