CVS vs VTV: Correlation
Measured on weekly returns over the past three years, CVS Health (CVS) and Vanguard Value ETF (VTV) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVS and VTV?
Over the past 3 years, CVS and VTV moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 152.5 %².
Among the 32 assets we track against CVS, VTV ranks #6 by 3-year correlation. On 12-month performance CVS holds a 7.6-point edge, +33.3% against +25.7%. The rolling one-year correlation stayed in a tight band between 0.30 and 0.51 over the past three years, which points to a structural rather than episodic relationship. Note the risk asymmetry: CVS runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VTV: side by side
| CVS (CVS Health) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +33.3% | +25.7% |
| 5-year return | +29.6% | +79.1% |
| Volatility (ann.) | 34.4% | 11.9% |
| Beta vs S&P 500 | 0.40 | 0.65 |
| Max drawdown (3Y) | -44.0% | -14.5% |
| Market cap | $118.8B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 2.82% | 1.86% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $256.4B |
| Sector / category | Health Care | ETF · US Style |
On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Year-by-year returns
| Year | CVS | VTV |
|---|---|---|
| 2022 | -7.6% | -2.1% |
| 2023 | -12.5% | +9.3% |
| 2024 | -40.8% | +16.0% |
| 2025 | +84.3% | +15.3% |
| 2026 | +19.8% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that VTV holds CVS at a 0.5% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CVS and VTV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVS and VTV?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.31 over the last year and 0.42 over 5 years.
Is VTV a good diversifier for CVS?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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.
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Related comparisons
Hubs: CVS correlations · VTV correlations
