SPY vs TWG: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Top Wealth Group Holding Limited - Class A (TWG) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWG?
Across a 3-year window, the weekly returns of SPY and TWG correlate at 0.06, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.05 over 1 year against 0.06 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 206.2 %².
By 3-year correlation, TWG places #4354 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 110.2 points (+20.6% versus -89.6%). One caveat on sizing: TWG is 17.1 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 TWG: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWG (Top Wealth Group Holding Limited - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -89.6% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 248.4% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 4.2 |
| 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 | TWG |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -86.8% |
| 2026 | +13.7% | -83.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TWG good diversifiers for each other?
Yes. With a correlation of 0.06, SPY and TWG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TWG?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.05 over the last year and n/a over 5 years.
Is TWG a good diversifier for SPY?
Yes. With a correlation of 0.06, SPY and TWG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
A reading of 0.06 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-twg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-twg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TWG correlations
