AXP vs SPYV: Correlation
Measured on weekly returns over the past three years, American Express (AXP) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXP and SPYV?
On 3 years of weekly data the AXP/SPYV correlation comes out at 0.70, strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.70). The 5-year figure is 0.70, and annualized covariance runs at 225.8 %².
By 3-year correlation, SPYV places #13 of the 35 assets tracked against AXP. The trailing year gives SPYV the advantage: +4.7% versus +18.5%, a 13.8-point spread. Across three years, the rolling one-year figure varied moderately, from 0.48 to 0.83. Risk is not evenly split, since AXP carries 2.2 times the volatility of the other side.
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.
AXP vs SPYV: side by side
| AXP (American Express) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +4.7% | +18.5% |
| 5-year return | +116.2% | +73.5% |
| Volatility (ann.) | 26.6% | 12.1% |
| Beta vs S&P 500 | 1.20 | 0.70 |
| Max drawdown (3Y) | -28.8% | -17.5% |
| Market cap | $225.7B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 1.05% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Financials | 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 | AXP | SPYV |
|---|---|---|
| 2022 | -8.5% | -5.3% |
| 2023 | +28.7% | +22.2% |
| 2024 | +60.3% | +12.2% |
| 2025 | +26.0% | +13.2% |
| 2026 | -8.9% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AXP represents 0.19% of SPYV's portfolio, so part of any move in SPYV is AXP itself, and the correlation between them is partly mechanical.
Are AXP and SPYV good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AXP and SPYV?
The AXP/SPYV correlation stands at 0.70 on a 3-year window (1 year: 0.48, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for AXP?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axp-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axp-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AXP correlations · SPYV correlations
