TME vs. SPY
TME (Tencent Music Entertainment Group) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, TME returned -11.48%/yr vs 12.96%/yr for SPY. At a 0.34 correlation, their price movements are largely independent.
Performance
TME vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TME achieves a -52.09% return, which is significantly lower than SPY's 8.10% return.
TME
- 1D
- -0.24%
- 1M
- -7.15%
- YTD
- -52.09%
- 6M
- -52.33%
- 1Y
- -55.23%
- 3Y*
- 4.83%
- 5Y*
- -11.48%
- 10Y*
- —
SPY
- 1D
- -0.05%
- 1M
- -1.41%
- YTD
- 8.10%
- 6M
- 6.77%
- 1Y
- 22.18%
- 3Y*
- 20.66%
- 5Y*
- 12.96%
- 10Y*
- 15.53%
TME vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TME Tencent Music Entertainment Group | -52.09% | 56.39% | 27.12% | 8.82% | 20.88% | -64.40% | 63.88% | -11.20% | -6.24% |
SPY State Street SPDR S&P 500 ETF | 8.10% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.83% |
Correlation
The correlation between TME and SPY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2018 | 0.34 |
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Return for Risk
TME vs. SPY — Risk / Return Rank
TME
SPY
TME vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tencent Music Entertainment Group (TME) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TME | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.22 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.33 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.51 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.38 | 11.15 | -12.53 |
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Drawdowns
TME vs. SPY - Drawdown Comparison
The maximum TME drawdown since its inception was -90.19%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TME and SPY.
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Drawdown Indicators
| TME | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.19% | -55.19% | -35.00% |
Max Drawdown (1Y)Largest decline over 1 year | -68.14% | -8.88% | -59.26% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -18.76% | -49.38% |
Max Drawdown (5Y)Largest decline over 5 years | -80.33% | -24.50% | -55.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -73.00% | -3.22% | -69.78% |
Average DrawdownAverage peak-to-trough decline | -52.09% | -9.03% | -43.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.01% | 1.99% | +38.02% |
Volatility
TME vs. SPY - Volatility Comparison
Tencent Music Entertainment Group (TME) has a higher volatility of 10.15% compared to State Street SPDR S&P 500 ETF (SPY) at 4.85%. This indicates that TME's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TME | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.15% | 4.85% | +5.30% |
Volatility (6M)Calculated over the trailing 6-month period | 41.26% | 9.81% | +31.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.92% | 12.47% | +34.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.08% | 17.15% | +42.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.58% | 17.95% | +38.63% |
Dividends
TME vs. SPY - Dividend Comparison
TME's dividend yield for the trailing twelve months is around 2.93%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TME Tencent Music Entertainment Group | 2.93% | 1.03% | 1.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TME and SPY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TME has higher volatility (10.15%) compared to SPY (4.85%). In terms of maximum drawdown, TME dropped -90.19% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.79 vs -1.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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