TS vs. SPY
TS (Tenaris S.A.) 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 10 years, TS returned 11.57%/yr vs 15.07%/yr for SPY. Their 0.50 correlation means they have sometimes moved together and sometimes differently.
Performance
TS vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TS achieves a 52.04% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, TS has underperformed SPY with an annualized return of 11.57%, while SPY has yielded a comparatively higher 15.07% annualized return.
TS
- 1D
- 1.06%
- 1M
- 5.91%
- 6M
- 31.96%
- YTD
- 52.04%
- 1Y
- 71.18%
- 3Y*
- 23.55%
- 5Y*
- 27.05%
- 10Y*
- 11.57%
- ALL TIME*
- 15.96%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $58.26M | $58.22M | $81.91M |
TS vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TS Tenaris S.A. | 52.04% | 4.98% | 12.88% | 2.63% | 73.26% | 34.03% | -28.87% | 9.68% | -31.51% | -6.68% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between TS and SPY is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2002 | 0.50 |
Over the past year, the correlation between TS and SPY has dropped to 0.21 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.
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Return for Risk
TS vs. SPY — Risk / Return Rank
TS
SPY
TS vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tenaris S.A. (TS) 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.
| TS | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.27 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.40 | 2.20 | +2.19 |
| Martin ratioReturn relative to average drawdown | 13.78 | 9.40 | +4.38 |
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Drawdowns
TS vs. SPY - Drawdown Comparison
The maximum TS drawdown since its inception was -83.34%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TS and SPY.
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Drawdown Indicators
| TS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.34% | -55.19% | -28.15% |
Max Drawdown (1Y)Largest decline over 1 year | -15.96% | -8.88% | -7.08% |
Max Drawdown (3Y)Largest decline over 3 years | -29.81% | -18.76% | -11.05% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -24.50% | -9.21% |
Max Drawdown (10Y)Largest decline over 10 years | -76.21% | -33.72% | -42.49% |
Current DrawdownCurrent decline from peak | -10.45% | -1.40% | -9.05% |
Average DrawdownAverage peak-to-trough decline | -36.62% | -9.01% | -27.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 2.08% | +3.00% |
Volatility
TS vs. SPY - Volatility Comparison
Tenaris S.A. (TS) has a higher volatility of 6.64% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that TS'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
| TS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 3.58% | +3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 20.74% | 10.14% | +10.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.60% | 12.89% | +15.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.49% | 17.18% | +16.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.64% | 17.95% | +18.69% |
Dividends
TS vs. SPY - Dividend Comparison
TS's dividend yield for the trailing twelve months is around 3.10%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TS Tenaris S.A. | 3.10% | 2.96% | 3.55% | 3.11% | 2.56% | 2.59% | 0.88% | 3.62% | 3.85% | 4.39% | 2.41% | 3.78% |
Frequently Asked Questions
TS and SPY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TS has higher volatility (6.64%) compared to SPY (3.58%). In terms of maximum drawdown, TS dropped -83.34% vs SPY's -55.19%.
TS currently has the higher Sharpe Ratio (2.51 vs 1.52), 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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