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SPY / TLT

SPDR S&P 500 ETF and iShares 20+ Year Treasury Bond ETF correlation 0.18

SPDR S&P 500 ETF and iShares 20+ Year Treasury Bond ETF correlation is 0.18 over 90 ETF session closes, ending 2026-11-13. In this window they barely share a move.

90-close correlation
0.18
30-close correlation
-0.07
Observations
90
As of
2026-11-13
SPY vol
14.2%
TLT vol
10.6%
Calendar
ETF session closes
30-close count
30

The 30-close correlation is -0.07 against 0.18 over 90 closes. The pair broke apart. Both names are ETFs. The window is exchange sessions only.

SPY 90-close vol is 14.2%. TLT is 10.6%. A 50/50 book of the two annualized vols would have realized about 9.6%, against 12.4% if you averaged the two vols with no diversification.

Open the correlation matrix with a live sample

How to read this print

  1. Read the 90-close correlation for SPY and TLT.
  2. Compare it with the 30-close print to see if the pair tightened or broke.
  3. Use the two realized vols to judge whether a 50/50 mix actually diversifies.
  4. Open the correlation matrix if you want the whole book, not one pair.

FAQ

People also ask

0.18 over 90 ETF session closes, ending 2026-11-13. In this window they barely share a move.

The 30-close correlation is -0.07 against 0.18 over 90 closes. The pair broke apart.

Using the 90-close vols and this correlation, a 50/50 book would have realized about 9.6%. Compare that with holding either name alone.

This print uses ETF session closes and log-return correlation on the aligned window. A site that uses weekly returns, a different session calendar, or a longer sample will not match it. The method is on this page.

Related

A correlation is not a hedge until you hold both.

This page is the market path. Thrive is the book you actually held, so you can see whether the hedge was real.

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