SPY vs TXNM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TXNM Energy, Inc. (TXNM) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TXNM?
On 3 years of weekly data the SPY/TXNM correlation comes out at 0.08, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.01 lands near the 3-year figure. The 5-year figure is 0.18, and annualized covariance runs at 20.9 %².
Among the 4755 assets we track against SPY, TXNM ranks #4248 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.1 points (+20.6% versus +4.5%).
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 TXNM: side by side
| SPY (SPDR S&P 500 ETF Trust) | TXNM (TXNM Energy, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +4.5% |
| 5-year return | +82.4% | +36.1% |
| Volatility (ann.) | 14.5% | 17.1% |
| Beta vs S&P 500 | 1.00 | 0.10 |
| Max drawdown (3Y) | -18.8% | -21.0% |
| Market cap | – | $5.9B |
| P/E (trailing) | – | 31.4 |
| Dividend yield | 1.01% | 2.91% |
| 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 | TXNM |
|---|---|---|
| 2022 | -18.2% | +10.2% |
| 2023 | +26.2% | -12.0% |
| 2024 | +24.9% | +23.0% |
| 2025 | +17.7% | +23.4% |
| 2026 | +13.7% | -0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TXNM good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TXNM?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.01 over the last year and 0.18 over 5 years.
Is TXNM a good diversifier for SPY?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-txnm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-txnm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TXNM correlations
