SPY vs TYRA: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tyra Biosciences, Inc. (TYRA) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TYRA?
Across a 3-year window, the weekly returns of SPY and TYRA correlate at 0.31, moderate. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.31). Stretching to 5 years gives 0.37, with an annualized covariance of 303.0 %².
Within SPY's tracked universe of 4755 assets, TYRA comes in at #2128 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TYRA outperformed by 82.3 percentage points (+20.6% for SPY against +102.9% for TYRA). Note the risk asymmetry: TYRA runs 4.6 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 TYRA: side by side
| SPY (SPDR S&P 500 ETF Trust) | TYRA (Tyra Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +102.9% |
| 5-year return | +82.4% | +0.5% |
| Volatility (ann.) | 14.5% | 66.7% |
| Beta vs S&P 500 | 1.00 | 1.45 |
| Max drawdown (3Y) | -18.8% | -75.3% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | – |
| 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 | TYRA |
|---|---|---|
| 2022 | -18.2% | -46.0% |
| 2023 | +26.2% | +82.2% |
| 2024 | +24.9% | +0.4% |
| 2025 | +17.7% | +89.1% |
| 2026 | +13.7% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TYRA good diversifiers for each other?
Reasonably. At 0.31, SPY and TYRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TYRA?
As of 2026-08-27, the correlation of weekly returns between SPY and TYRA is 0.31 over 3 years, -0.08 over 1 year and 0.37 over 5 years.
Is TYRA a good diversifier for SPY?
Reasonably. At 0.31, SPY and TYRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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-tyra.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-tyra/)
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Related comparisons
Hubs: SPY correlations · TYRA correlations
