SPY vs TWN: Correlation
SPDR S&P 500 ETF Trust (SPY) and Taiwan Fund, Inc. (The) (TWN) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TWN?
Across a 3-year window, the weekly returns of SPY and TWN correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 263.6 %².
Within SPY's tracked universe of 4755 assets, TWN comes in at #147 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TWN outperformed by 107.2 percentage points (+20.6% for SPY against +127.8% for TWN). Note the risk asymmetry: TWN runs 2.0 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 TWN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TWN (Taiwan Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +20.6% | +127.8% |
| 5-year return | +82.4% | +320.4% |
| Volatility (ann.) | 14.5% | 28.9% |
| Beta vs S&P 500 | 1.00 | 1.26 |
| Max drawdown (3Y) | -18.8% | -30.0% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 2.6 |
| Dividend yield | 1.01% | 6.18% |
| 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 | TWN |
|---|---|---|
| 2022 | -18.2% | -38.5% |
| 2023 | +26.2% | +51.7% |
| 2024 | +24.9% | +32.8% |
| 2025 | +17.7% | +54.1% |
| 2026 | +13.7% | +92.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TWN good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and TWN?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.53 over the last year and 0.57 over 5 years.
Is TWN a good diversifier for SPY?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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-twn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-twn/)
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Related comparisons
Hubs: SPY correlations · TWN correlations
