SPYV vs TDY: Correlation
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Teledyne Technologies (TDY) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and TDY?
On 3 years of weekly data the SPYV/TDY correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.41) than the 3-year average (0.55). The 5-year figure is 0.63, and annualized covariance runs at 146.2 %².
By 3-year correlation, TDY places #100 of the 148 assets tracked against SPYV. Twelve-month performance is nearly a tie, at +18.5% for SPYV and +15.7% for TDY. On a rolling one-year basis the correlation drifted between 0.34 and 0.73, a moderate band. Risk is not evenly split, since TDY carries 1.8 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.
SPYV vs TDY: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | TDY (Teledyne Technologies) | |
|---|---|---|
| 1-year return | +18.5% | +15.7% |
| 5-year return | +73.5% | +36.5% |
| Volatility (ann.) | 12.1% | 22.0% |
| Beta vs S&P 500 | 0.70 | 0.76 |
| Max drawdown (3Y) | -17.5% | -18.8% |
| Market cap | – | $29.0B |
| P/E (trailing) | – | 30.7 |
| Dividend yield | 1.69% | 0.00% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | Information Technology |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | SPYV | TDY |
|---|---|---|
| 2022 | -5.3% | -8.5% |
| 2023 | +22.2% | +11.6% |
| 2024 | +12.2% | +4.0% |
| 2025 | +13.2% | +10.0% |
| 2026 | +12.7% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TDY represents 0.1% of SPYV's portfolio, so part of any move in SPYV is TDY itself, and the correlation between them is partly mechanical.
Are SPYV and TDY good diversifiers for each other?
Only partially. A correlation of 0.55 means SPYV and TDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPYV and TDY?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.41 over the last year and 0.63 over 5 years.
Is TDY a good diversifier for SPYV?
Only partially. A correlation of 0.55 means SPYV and TDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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/spyv-vs-tdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spyv-vs-tdy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · TDY correlations
