SPY vs TW: Correlation
SPDR S&P 500 ETF Trust (SPY) and Tradeweb Markets Inc. (TW) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TW?
Across a 3-year window, the weekly returns of SPY and TW correlate at 0.25, weak. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.25). Stretching to 5 years gives 0.41, with an annualized covariance of 82.0 %².
Among the 4755 assets we track against SPY, TW ranks #2778 by 3-year correlation. The last year tells two different stories: SPY led by 34.5 percentage points, +20.6% for SPY against -13.9% for TW. One caveat on sizing: TW is 1.6 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 TW: side by side
| SPY (SPDR S&P 500 ETF Trust) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -13.9% |
| 5-year return | +82.4% | +24.2% |
| Volatility (ann.) | 14.5% | 23.1% |
| Beta vs S&P 500 | 1.00 | 0.39 |
| Max drawdown (3Y) | -18.8% | -38.3% |
| Market cap | – | $23.4B |
| P/E (trailing) | – | 25.6 |
| Dividend yield | 1.01% | 0.48% |
| 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 | TW |
|---|---|---|
| 2022 | -18.2% | -34.9% |
| 2023 | +26.2% | +40.6% |
| 2024 | +24.9% | +44.6% |
| 2025 | +17.7% | -17.5% |
| 2026 | +13.7% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TW good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TW?
The SPY/TW correlation stands at 0.25 on a 3-year window (1 year: 0.12, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is TW a good diversifier for SPY?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 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.
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Related comparisons
Hubs: SPY correlations · TW correlations
