EYE vs SPY: Correlation
Measured on weekly returns over the past three years, National Vision Holdings, Inc. (EYE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EYE and SPY?
On 3 years of weekly data the EYE/SPY correlation comes out at 0.24, weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.24 over 3. The 5-year figure is 0.31, and annualized covariance runs at 179.7 %².
Out of 10 assets tracked against EYE, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 47.3 percentage points (-26.7% for EYE against +20.6% for SPY). One caveat on sizing: EYE is 3.6 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.
EYE vs SPY: side by side
| EYE (National Vision Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.7% | +20.6% |
| 5-year return | -69.8% | +82.4% |
| Volatility (ann.) | 52.1% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -59.3% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 30.3 | – |
| 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 | EYE | SPY |
|---|---|---|
| 2022 | -19.2% | -18.2% |
| 2023 | -46.0% | +26.2% |
| 2024 | -50.2% | +24.9% |
| 2025 | +147.8% | +17.7% |
| 2026 | -30.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EYE and SPY good diversifiers for each other?
Reasonably. At 0.24, EYE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EYE and SPY?
As of 2026-08-27, the correlation of weekly returns between EYE and SPY is 0.24 over 3 years, 0.14 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for EYE?
Reasonably. At 0.24, EYE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: EYE correlations · SPY correlations
