IEX vs SPYV: Correlation
IDEX Corporation (IEX) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEX and SPYV?
Over the past 3 years, IEX and SPYV moved with a correlation of 0.67, which is strong. The past 12 months show a weaker link (0.54) than the 3-year average (0.67). Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 189.9 %².
Among the 40 assets we track against IEX, SPYV ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IEX ahead by 24.5 points (+43.0% versus +18.5%). The rolling one-year correlation stayed in a tight band between 0.54 and 0.77 over the past three years, which points to a structural rather than episodic relationship. Note the risk asymmetry: IEX runs 1.9 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.
IEX vs SPYV: side by side
| IEX (IDEX Corporation) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +43.0% | +18.5% |
| 5-year return | +10.5% | +73.5% |
| Volatility (ann.) | 23.3% | 12.1% |
| Beta vs S&P 500 | 0.89 | 0.70 |
| Max drawdown (3Y) | -34.6% | -17.5% |
| Market cap | $17.2B | – |
| P/E (trailing) | 33.8 | – |
| Dividend yield | 1.23% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Industrials | 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 | IEX | SPYV |
|---|---|---|
| 2022 | -2.2% | -5.3% |
| 2023 | -3.8% | +22.2% |
| 2024 | -2.4% | +12.2% |
| 2025 | -13.7% | +13.2% |
| 2026 | +32.9% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds IEX at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IEX and SPYV good diversifiers for each other?
To a limited degree. At 0.67 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 IEX and SPYV?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.54 over the last year and 0.66 over 5 years.
Is SPYV a good diversifier for IEX?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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/iex-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iex-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IEX correlations · SPYV correlations
