SPY vs TYL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tyler Technologies (TYL) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TYL?
Over the past 3 years, SPY and TYL moved with a correlation of 0.30, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.30 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 126.6 %².
Among the 4755 assets we track against SPY, TYL ranks #2247 by 3-year correlation. The last year tells two different stories: SPY led by 54.6 percentage points, +20.6% for SPY against -34.0% for TYL. This link changes with the market regime, having swung between 0.07 and 0.73 on a rolling one-year basis. One caveat on sizing: TYL is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TYL: side by side
| SPY (SPDR S&P 500 ETF Trust) | TYL (Tyler Technologies) | |
|---|---|---|
| 1-year return | +20.6% | -34.0% |
| 5-year return | +82.4% | -22.5% |
| Volatility (ann.) | 14.5% | 29.6% |
| Beta vs S&P 500 | 1.00 | 0.61 |
| Max drawdown (3Y) | -18.8% | -57.4% |
| Market cap | – | $15.1B |
| P/E (trailing) | – | 46.3 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Information Technology |
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 | TYL |
|---|---|---|
| 2022 | -18.2% | -40.1% |
| 2023 | +26.2% | +29.7% |
| 2024 | +24.9% | +37.9% |
| 2025 | +17.7% | -21.3% |
| 2026 | +13.7% | -18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TYL good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and TYL?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.08 over the last year and 0.52 over 5 years.
Is TYL a good diversifier for SPY?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 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-tyl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tyl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · TYL correlations
