CPAY vs SPYV: Correlation
How closely do Corpay (CPAY) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and SPYV?
On 3 years of weekly data the CPAY/SPYV correlation comes out at 0.66, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.66). The 5-year figure is 0.65, and annualized covariance runs at 252.9 %².
Within CPAY's tracked universe of 32 assets, SPYV comes in at #5 by 3-year correlation. The trailing year gives CPAY the advantage: +24.1% versus +18.5%, a 5.6-point spread. Across three years, the rolling one-year figure varied moderately, from 0.50 to 0.85. One caveat on sizing: CPAY is 2.6 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.
CPAY vs SPYV: side by side
| CPAY (Corpay) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +24.1% | +18.5% |
| 5-year return | +55.2% | +73.5% |
| Volatility (ann.) | 31.7% | 12.1% |
| Beta vs S&P 500 | 1.22 | 0.70 |
| Max drawdown (3Y) | -34.5% | -17.5% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 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 | CPAY | SPYV |
|---|---|---|
| 2022 | -17.9% | -5.3% |
| 2023 | +53.9% | +22.2% |
| 2024 | +19.7% | +12.2% |
| 2025 | -11.1% | +13.2% |
| 2026 | +34.1% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of SPYV is CPAY itself, so the fund partly moves with the stock by construction.
Are CPAY and SPYV good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPAY and SPYV?
The CPAY/SPYV correlation stands at 0.66 on a 3-year window (1 year: 0.52, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for CPAY?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cpay-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cpay-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPAY correlations · SPYV correlations
