GS vs SPYV: Correlation
How closely do Goldman Sachs (GS) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GS and SPYV?
Over the past 3 years, GS and SPYV moved with a correlation of 0.75, which is strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.75). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 244.2 %².
Within GS's tracked universe of 41 assets, SPYV comes in at #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GS ahead by 23.1 points (+41.6% versus +18.5%). On a rolling one-year basis the correlation drifted between 0.47 and 0.83, a moderate band. One caveat on sizing: GS is 2.2 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.
GS vs SPYV: side by side
| GS (Goldman Sachs) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +41.6% | +18.5% |
| 5-year return | +184.1% | +73.5% |
| Volatility (ann.) | 27.0% | 12.1% |
| Beta vs S&P 500 | 1.34 | 0.70 |
| Max drawdown (3Y) | -30.9% | -17.5% |
| Market cap | $303.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.63% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Financials | 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 | GS | SPYV |
|---|---|---|
| 2022 | -7.9% | -5.3% |
| 2023 | +15.9% | +22.2% |
| 2024 | +52.0% | +12.2% |
| 2025 | +56.6% | +13.2% |
| 2026 | +19.6% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.35% of SPYV is GS itself, so the fund partly moves with the stock by construction.
Are GS and SPYV good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GS and SPYV?
The GS/SPYV correlation stands at 0.75 on a 3-year window (1 year: 0.47, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for GS?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gs-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gs-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GS correlations · SPYV correlations
