CVS vs SPYV: Correlation
Measured on weekly returns over the past three years, CVS Health (CVS) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVS and SPYV?
Over the past 3 years, CVS and SPYV moved with a correlation of 0.34, which is moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.34). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 143.3 %².
Within CVS's tracked universe of 32 assets, SPYV comes in at #16 by 3-year correlation. The trailing year gives CVS the advantage: +33.3% versus +18.5%, a 14.8-point spread. The rolling one-year correlation moved between 0.23 and 0.51 over the past three years, a moderate range. One caveat on sizing: CVS is 2.8 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.
CVS vs SPYV: side by side
| CVS (CVS Health) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +33.3% | +18.5% |
| 5-year return | +29.6% | +73.5% |
| Volatility (ann.) | 34.4% | 12.1% |
| Beta vs S&P 500 | 0.40 | 0.70 |
| Max drawdown (3Y) | -44.0% | -17.5% |
| Market cap | $118.8B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 2.82% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Health Care | 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 | CVS | SPYV |
|---|---|---|
| 2022 | -7.6% | -5.3% |
| 2023 | -12.5% | +22.2% |
| 2024 | -40.8% | +12.2% |
| 2025 | +84.3% | +13.2% |
| 2026 | +19.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds CVS at a 0.4% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CVS and SPYV good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVS and SPYV?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.23 over the last year and 0.37 over 5 years.
Is SPYV a good diversifier for CVS?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/cvs-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvs-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVS correlations · SPYV correlations
