SPY vs TVC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tennessee Valley Authority (TVC) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TVC?
Over the past 3 years, SPY and TVC moved with a correlation of 0.16, which is weak. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 12.7 %².
Within SPY's tracked universe of 4755 assets, TVC comes in at #3651 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.3 points (+20.6% versus +3.3%). Note the risk asymmetry: SPY runs 2.6 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 TVC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TVC (Tennessee Valley Authority) | |
|---|---|---|
| 1-year return | +20.6% | +3.3% |
| 5-year return | +82.4% | +3.0% |
| Volatility (ann.) | 14.5% | 5.5% |
| Beta vs S&P 500 | 1.00 | 0.06 |
| Max drawdown (3Y) | -18.8% | -5.1% |
| Market cap | – | – |
| 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 | TVC |
|---|---|---|
| 2022 | -18.2% | -13.3% |
| 2023 | +26.2% | +6.5% |
| 2024 | +24.9% | -0.5% |
| 2025 | +17.7% | +9.2% |
| 2026 | +13.7% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TVC good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TVC?
The SPY/TVC correlation stands at 0.16 on a 3-year window (1 year: 0.26, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is TVC a good diversifier for SPY?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 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-tvc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-tvc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TVC correlations
