SPY vs TZOO: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Travelzoo (TZOO) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TZOO?
Over the past 3 years, SPY and TZOO moved with a correlation of 0.23, which is weak. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 206.7 %².
Among the 4755 assets we track against SPY, TZOO ranks #2986 by 3-year correlation. The last year tells two different stories: SPY led by 52.4 percentage points, +20.6% for SPY against -31.8% for TZOO. One caveat on sizing: TZOO is 4.3 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 TZOO: side by side
| SPY (SPDR S&P 500 ETF Trust) | TZOO (Travelzoo) | |
|---|---|---|
| 1-year return | +20.6% | -31.8% |
| 5-year return | +82.4% | -45.0% |
| Volatility (ann.) | 14.5% | 62.1% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -18.8% | -78.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 111.0 |
| 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 | TZOO |
|---|---|---|
| 2022 | -18.2% | -52.8% |
| 2023 | +26.2% | +114.2% |
| 2024 | +24.9% | +109.3% |
| 2025 | +17.7% | -64.3% |
| 2026 | +13.7% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TZOO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TZOO?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.24 over the last year and 0.29 over 5 years.
Is TZOO a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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-tzoo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tzoo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · TZOO correlations
