SPY vs TWI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Titan International, Inc. (DE) (TWI) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWI?
On 3 years of weekly data the SPY/TWI correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.42). The 5-year figure is 0.38, and annualized covariance runs at 288.7 %².
Among the 4755 assets we track against SPY, TWI ranks #996 by 3-year correlation. The last year tells two different stories: SPY led by 43.5 percentage points, +20.6% for SPY against -22.9% for TWI. Note the risk asymmetry: TWI runs 3.3 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 TWI: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWI (Titan International, Inc. (DE)) | |
|---|---|---|
| 1-year return | +20.6% | -22.9% |
| 5-year return | +82.4% | -16.4% |
| Volatility (ann.) | 14.5% | 48.0% |
| Beta vs S&P 500 | 1.00 | 1.38 |
| Max drawdown (3Y) | -18.8% | -58.5% |
| Market cap | – | $0.5B |
| 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 |
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 | TWI |
|---|---|---|
| 2022 | -18.2% | +39.8% |
| 2023 | +26.2% | -2.9% |
| 2024 | +24.9% | -54.4% |
| 2025 | +17.7% | +15.3% |
| 2026 | +13.7% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TWI good diversifiers for each other?
Reasonably. At 0.42, SPY and TWI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TWI?
The SPY/TWI correlation stands at 0.42 on a 3-year window (1 year: 0.23, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is TWI a good diversifier for SPY?
Reasonably. At 0.42, SPY and TWI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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-twi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-twi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TWI correlations
