TLT and SPY are sometimes correlated but that is not considered “risk off”.

That would be more like risk ON for example 2021 or Nov-Dec 2022 or Nov-Dec 2023.

In 2015, SPY goes down and TLT goes up when RISK OFF…

Below is Nov-Dec 2023…SPY is risk ON

Note TLT is also below the 200 dma so technically in a bear market. RISK ON but still rebounds strongly.