GDV vs SPYV: Correlation
Measured on weekly returns over the past three years, Gabelli Dividend & Income Trust (GDV) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and SPYV?
Across a 3-year window, the weekly returns of GDV and SPYV correlate at 0.91, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.91 over 3. Stretching to 5 years gives 0.93, with an annualized covariance of 165.9 %².
In GDV's tracked universe of 71 assets, SPYV sits right near the top at #3. Their 12-month results are close: +20.3% for GDV against +18.5% for SPYV.
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.
GDV vs SPYV: side by side
| GDV (Gabelli Dividend & Income Trust) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +20.3% | +18.5% |
| 5-year return | +53.8% | +73.5% |
| Volatility (ann.) | 15.0% | 12.1% |
| Beta vs S&P 500 | 0.90 | 0.70 |
| Max drawdown (3Y) | -16.1% | -17.5% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | 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 | GDV | SPYV |
|---|---|---|
| 2022 | -18.6% | -5.3% |
| 2023 | +11.9% | +22.2% |
| 2024 | +18.1% | +12.2% |
| 2025 | +22.8% | +13.2% |
| 2026 | +13.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and SPYV good diversifiers for each other?
No. With a correlation of 0.91, GDV and SPYV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GDV and SPYV?
Using weekly returns as of 2026-08-27: 0.91 over 3 years, with 0.85 over the last year and 0.93 over 5 years.
Is SPYV a good diversifier for GDV?
No. With a correlation of 0.91, GDV and SPYV move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.91 mean?
On the −1 to +1 scale, 0.91 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/gdv-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdv-vs-spyv/)
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Related comparisons
Hubs: GDV correlations · SPYV correlations
