IIIV vs SPY: Correlation
Measured on weekly returns over the past three years, i3 Verticals, Inc. (IIIV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIIV and SPY?
On 3 years of weekly data the IIIV/SPY correlation comes out at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.23 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 123.7 %².
SPY is close to the least connected end of IIIV's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 67.8 points (-47.2% versus +20.6%). Risk is not evenly split, since IIIV carries 2.6 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.
IIIV vs SPY: side by side
| IIIV (i3 Verticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -47.2% | +20.6% |
| 5-year return | -43.7% | +82.4% |
| Volatility (ann.) | 37.8% | 14.5% |
| Beta vs S&P 500 | 0.59 | 1.00 |
| Max drawdown (3Y) | -51.7% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 58.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | IIIV | SPY |
|---|---|---|
| 2022 | +6.8% | -18.2% |
| 2023 | -13.0% | +26.2% |
| 2024 | +8.8% | +24.9% |
| 2025 | +9.3% | +17.7% |
| 2026 | -35.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIIV and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IIIV and SPY?
The IIIV/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.01, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IIIV?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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.
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Related comparisons
Hubs: IIIV correlations · SPY correlations
