SPY vs TWLO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Twilio Inc. (TWLO) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWLO?
Across a 3-year window, the weekly returns of SPY and TWLO correlate at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.38). Stretching to 5 years gives 0.52, with an annualized covariance of 288.7 %².
By 3-year correlation, TWLO places #1401 of the 4755 assets tracked against SPY. The last year tells two different stories: TWLO led by 113.4 percentage points, +20.6% for SPY against +134.0% for TWLO. Risk is not evenly split, since TWLO carries 3.6 times the volatility of the other side.
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 TWLO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWLO (Twilio Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +134.0% |
| 5-year return | +82.4% | -34.2% |
| Volatility (ann.) | 14.5% | 52.0% |
| Beta vs S&P 500 | 1.00 | 1.38 |
| Max drawdown (3Y) | -18.8% | -45.2% |
| Market cap | – | $37.1B |
| P/E (trailing) | – | 33.3 |
| 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 | TWLO |
|---|---|---|
| 2022 | -18.2% | -81.4% |
| 2023 | +26.2% | +55.0% |
| 2024 | +24.9% | +42.5% |
| 2025 | +17.7% | +31.6% |
| 2026 | +13.7% | +69.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TWLO good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TWLO?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.27 over the last year and 0.52 over 5 years.
Is TWLO a good diversifier for SPY?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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-twlo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-twlo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TWLO correlations
