AVY vs SPYV: Correlation
How closely do Avery Dennison (AVY) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and SPYV?
Over the past 3 years, AVY and SPYV moved with a correlation of 0.59, which is moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 144.0 %².
Within AVY's tracked universe of 38 assets, SPYV comes in at #7 by 3-year correlation. Over the last 12 months SPYV came out ahead by 13.2 percentage points (+5.3% against +18.5%). Stability stands out here, with the rolling one-year correlation confined to 0.54 through 0.75. One caveat on sizing: AVY is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AVY vs SPYV: side by side
| AVY (Avery Dennison) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +5.3% | +18.5% |
| 5-year return | -14.0% | +73.5% |
| Volatility (ann.) | 20.2% | 12.1% |
| Beta vs S&P 500 | 0.61 | 0.70 |
| Max drawdown (3Y) | -30.6% | -17.5% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Materials | ETF · US Style |
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 | AVY | SPYV |
|---|---|---|
| 2022 | -15.1% | -5.3% |
| 2023 | +13.7% | +22.2% |
| 2024 | -5.9% | +12.2% |
| 2025 | -0.7% | +13.2% |
| 2026 | -0.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and SPYV good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AVY and SPYV?
As of 2026-08-27, the correlation of weekly returns between AVY and SPYV is 0.59 over 3 years, 0.55 over 1 year and 0.64 over 5 years.
Is SPYV a good diversifier for AVY?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avy-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avy-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AVY correlations · SPYV correlations
