SPY vs TVE: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tennessee Valley Authority (TVE) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TVE?
Across a 3-year window, the weekly returns of SPY and TVE correlate at 0.19, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Stretching to 5 years gives 0.26, with an annualized covariance of 16.5 %².
By 3-year correlation, TVE places #3397 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 18.9 percentage points, +20.6% for SPY against +1.7% for TVE. One caveat on sizing: SPY is 2.4 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 TVE: side by side
| SPY (SPDR S&P 500 ETF Trust) | TVE (Tennessee Valley Authority) | |
|---|---|---|
| 1-year return | +20.6% | +1.7% |
| 5-year return | +82.4% | +0.6% |
| Volatility (ann.) | 14.5% | 6.1% |
| Beta vs S&P 500 | 1.00 | 0.08 |
| Max drawdown (3Y) | -18.8% | -5.7% |
| Dividend yield | 1.01% | – |
| 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 | TVE |
|---|---|---|
| 2022 | -18.2% | -13.5% |
| 2023 | +26.2% | +7.2% |
| 2024 | +24.9% | +0.1% |
| 2025 | +17.7% | +12.1% |
| 2026 | +13.7% | -2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TVE good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and TVE?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.18 over the last year and 0.26 over 5 years.
Is TVE a good diversifier for SPY?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
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-tve.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tve/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TVE correlations
