EVTL vs SPY: Correlation
Vertical Aerospace Ltd. (EVTL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVTL and SPY?
Over the past 3 years, EVTL and SPY moved with a correlation of 0.33, which is moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.33). Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 642.0 %².
Out of 13 assets tracked against EVTL, SPY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with SPY ahead by 105.7 points (-85.1% versus +20.6%). One caveat on sizing: EVTL is 9.4 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.
EVTL vs SPY: side by side
| EVTL (Vertical Aerospace Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -85.1% | +20.6% |
| 5-year return | -99.2% | +82.4% |
| Volatility (ann.) | 135.6% | 14.5% |
| Beta vs S&P 500 | 3.07 | 1.00 |
| Max drawdown (3Y) | -95.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | EVTL | SPY |
|---|---|---|
| 2022 | -49.6% | -18.2% |
| 2023 | -79.7% | +26.2% |
| 2024 | +82.8% | +24.9% |
| 2025 | -57.6% | +17.7% |
| 2026 | -86.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVTL and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EVTL and SPY?
As of 2026-08-27, the correlation of weekly returns between EVTL and SPY is 0.33 over 3 years, 0.54 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for EVTL?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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.
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Related comparisons
Hubs: EVTL correlations · SPY correlations
