IBB vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.62, a strong link. The two funds also share 1.6% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and SPYV?
Over the past 3 years, IBB and SPYV moved with a correlation of 0.62, which is strong. The past 12 months show a weaker link (0.43) than the 3-year average (0.62). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 156.4 %².
By 3-year correlation, SPYV places #23 of the 168 assets tracked against IBB. The last year tells two different stories: IBB led by 36.9 percentage points, +55.4% for IBB against +18.5% for SPYV. On a rolling one-year basis the correlation drifted between 0.49 and 0.82, a moderate band. Risk is not evenly split, since IBB carries 1.7 times the volatility of the other side.
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.
IBB vs SPYV: side by side
| IBB (iShares Biotechnology ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +55.4% | +18.5% |
| 5-year return | +26.6% | +73.5% |
| Volatility (ann.) | 20.7% | 12.1% |
| Beta vs S&P 500 | 0.81 | 0.70 |
| Max drawdown (3Y) | -24.9% | -17.5% |
| Dividend yield | 0.22% | 1.69% |
| Expense ratio | 0.44% | 0.04% |
| Assets under management | $9.2B | $36.2B |
| Sector / category | ETF · Thematic | ETF · US Style |
IBB is a Health fund from iShares: $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield. 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.
Portfolio overlap between IBB and SPYV
The two portfolios are largely distinct: 1.6% of the funds' weight sits in the same underlying holdings (8 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in IBB | Weight in SPYV |
|---|---|---|
| VRTX | 7.89% | 0.46% |
| GILD | 7.10% | 0.28% |
| REGN | 5.68% | 0.27% |
| AMGN | 8.43% | 0.25% |
| MRNA | 3.76% | 0.17% |
| BIIB | 2.23% | 0.11% |
| CRL | 0.97% | 0.05% |
| TECH | 0.78% | 0.04% |
Largest positions held only by IBB: ARGX (3.76%), NTRA (3.19%), RVMD (2.83%), ILMN (2.34%), ALNY (2.19%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 8 common positions shown.
Year-by-year returns
| Year | IBB | SPYV |
|---|---|---|
| 2022 | -13.7% | -5.3% |
| 2023 | +3.8% | +22.2% |
| 2024 | -2.4% | +12.2% |
| 2025 | +28.0% | +13.2% |
| 2026 | +27.4% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBB and SPYV good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IBB and SPYV?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.43 over the last year and 0.62 over 5 years.
Is SPYV a good diversifier for IBB?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do IBB and SPYV overlap?
1.6% by weight, across 8 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Related comparisons
Hubs: IBB correlations · SPYV correlations
