GRMN vs SPYV: Correlation
Garmin (GRMN) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and SPYV?
On 3 years of weekly data the GRMN/SPYV correlation comes out at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.50 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 210.5 %².
By 3-year correlation, SPYV places #6 of the 36 assets tracked against GRMN. Over the last 12 months GRMN came out ahead by 6.6 percentage points (+25.1% against +18.5%). On a rolling one-year basis the correlation drifted between 0.23 and 0.70, a moderate band. Note the risk asymmetry: GRMN 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.
GRMN vs SPYV: side by side
| GRMN (Garmin) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +25.1% | +18.5% |
| 5-year return | +80.9% | +73.5% |
| Volatility (ann.) | 34.7% | 12.1% |
| Beta vs S&P 500 | 1.06 | 0.70 |
| Max drawdown (3Y) | -28.0% | -17.5% |
| Market cap | $55.9B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 1.45% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Consumer Discretionary | 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 | GRMN | SPYV |
|---|---|---|
| 2022 | -30.2% | -5.3% |
| 2023 | +43.1% | +22.2% |
| 2024 | +63.3% | +12.2% |
| 2025 | -0.1% | +13.2% |
| 2026 | +44.1% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.16% of SPYV is GRMN itself, so the fund partly moves with the stock by construction.
Are GRMN and SPYV good diversifiers for each other?
Only partially. A correlation of 0.50 means GRMN and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GRMN and SPYV?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.37 over the last year and 0.53 over 5 years.
Is SPYV a good diversifier for GRMN?
Only partially. A correlation of 0.50 means GRMN and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/grmn-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/grmn-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GRMN correlations · SPYV correlations
