SPY vs TWAV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TaoWeave, Inc. (TWAV) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWAV?
Over the past 3 years, SPY and TWAV moved with a correlation of 0.25, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.25 over 3 years. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 387.5 %².
By 3-year correlation, TWAV places #2779 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 77.4 percentage points (+20.6% for SPY against -56.8% for TWAV). One caveat on sizing: TWAV is 7.5 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 TWAV: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWAV (TaoWeave, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -56.8% |
| 5-year return | +82.4% | -99.9% |
| Volatility (ann.) | 14.5% | 108.8% |
| Beta vs S&P 500 | 1.00 | 1.85 |
| Max drawdown (3Y) | -18.8% | -97.8% |
| 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 | TWAV |
|---|---|---|
| 2022 | -18.2% | -88.3% |
| 2023 | +26.2% | -88.9% |
| 2024 | +24.9% | -51.5% |
| 2025 | +17.7% | -53.4% |
| 2026 | +13.7% | -22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TWAV 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 TWAV?
The SPY/TWAV correlation stands at 0.25 on a 3-year window (1 year: 0.11, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is TWAV 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?
On the −1 to +1 scale, 0.25 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.
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Related comparisons
Hubs: SPY correlations · TWAV correlations
