SPY vs TXN: Correlation
SPDR S&P 500 ETF Trust (SPY) and Texas Instruments (TXN) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TXN?
On 3 years of weekly data the SPY/TXN correlation comes out at 0.54, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.54 over 3. The 5-year figure is 0.59, and annualized covariance runs at 266.5 %².
By 3-year correlation, TXN places #323 of the 4755 assets tracked against SPY. The trailing year gives TXN the advantage: +20.6% versus +33.1%, a 12.5-point spread. Across three years, the rolling one-year figure varied moderately, from 0.33 to 0.75. Risk is not evenly split, since TXN carries 2.4 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 TXN: side by side
| SPY (SPDR S&P 500 ETF Trust) | TXN (Texas Instruments) | |
|---|---|---|
| 1-year return | +20.6% | +33.1% |
| 5-year return | +82.4% | +60.4% |
| Volatility (ann.) | 14.5% | 34.3% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -18.8% | -33.4% |
| Market cap | – | $243.4B |
| P/E (trailing) | – | 40.6 |
| Dividend yield | 1.01% | 2.15% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Information Technology |
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 | TXN |
|---|---|---|
| 2022 | -18.2% | -9.9% |
| 2023 | +26.2% | +6.4% |
| 2024 | +24.9% | +13.1% |
| 2025 | +17.7% | -4.5% |
| 2026 | +13.7% | +56.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TXN represents 0.36% of SPY's portfolio, so part of any move in SPY is TXN itself, and the correlation between them is partly mechanical.
Are SPY and TXN good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and TXN?
As of 2026-08-27, the correlation of weekly returns between SPY and TXN is 0.54 over 3 years, 0.48 over 1 year and 0.59 over 5 years.
Is TXN a good diversifier for SPY?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 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.
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Related comparisons
Hubs: SPY correlations · TXN correlations
