SPY vs TWFG: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TWFG, Inc. (TWFG) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWFG?
Over the past 3 years, SPY and TWFG moved with a correlation of 0.11, which is weak. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 74.6 %².
By 3-year correlation, TWFG places #4051 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 16.0 percentage points, +20.6% for SPY against +4.6% for TWFG. One caveat on sizing: TWFG is 3.0 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 TWFG: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWFG (TWFG, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +4.6% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 43.1% |
| Beta vs S&P 500 | 1.00 | 0.36 |
| Max drawdown (3Y) | -18.8% | -52.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 52.2 |
| Dividend yield | 1.01% | 0.00% |
| 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 | TWFG |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -6.6% |
| 2026 | +13.7% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TWFG good diversifiers for each other?
Yes. With a correlation of 0.11, SPY and TWFG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TWFG?
As of 2026-08-27, the correlation of weekly returns between SPY and TWFG is 0.11 over 3 years, 0.13 over 1 year and n/a over 5 years.
Is TWFG a good diversifier for SPY?
Yes. With a correlation of 0.11, SPY and TWFG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 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-twfg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-twfg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TWFG correlations
