SPY vs TVRD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tvardi Therapeutics, Inc. (TVRD) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TVRD?
Over the past 3 years, SPY and TVRD moved with a correlation of 0.17, which is weak. Little has changed lately, as the 1-year reading of 0.20 lands near the 3-year figure. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 291.0 %².
Among the 4755 assets we track against SPY, TVRD ranks #3570 by 3-year correlation. The last year tells two different stories: SPY led by 114.7 percentage points, +20.6% for SPY against -94.1% for TVRD. Note the risk asymmetry: TVRD runs 8.3 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 TVRD: side by side
| SPY (SPDR S&P 500 ETF Trust) | TVRD (Tvardi Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -94.1% |
| 5-year return | +82.4% | -99.7% |
| Volatility (ann.) | 14.5% | 119.7% |
| Beta vs S&P 500 | 1.00 | 1.39 |
| Max drawdown (3Y) | -18.8% | -98.5% |
| 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 is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TVRD |
|---|---|---|
| 2022 | -18.2% | -11.8% |
| 2023 | +26.2% | -93.1% |
| 2024 | +24.9% | -31.4% |
| 2025 | +17.7% | -76.6% |
| 2026 | +13.7% | -58.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TVRD good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TVRD?
The SPY/TVRD correlation stands at 0.17 on a 3-year window (1 year: 0.20, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is TVRD a good diversifier for SPY?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
A reading of 0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tvrd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tvrd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TVRD correlations
