INVH vs SPY: Correlation
Measured on weekly returns over the past three years, Invitation Homes (INVH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INVH and SPY?
Across a 3-year window, the weekly returns of INVH and SPY correlate at 0.34, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.34 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 103.6 %².
By 3-year correlation, SPY places #17 of the 28 assets tracked against INVH. The last year tells two different stories: SPY led by 22.5 percentage points, -1.9% for INVH against +20.6% for SPY. This link changes with the market regime, having swung between 0.07 and 0.78 on a rolling one-year basis.
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.
INVH vs SPY: side by side
| INVH (Invitation Homes) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.9% | +20.6% |
| 5-year return | -16.8% | +82.4% |
| Volatility (ann.) | 21.2% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -30.9% | -18.8% |
| Market cap | $17.4B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 3.98% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | INVH | SPY |
|---|---|---|
| 2022 | -33.0% | -18.2% |
| 2023 | +19.7% | +26.2% |
| 2024 | -3.1% | +24.9% |
| 2025 | -9.7% | +17.7% |
| 2026 | +7.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INVH and SPY good diversifiers for each other?
Reasonably. At 0.34, INVH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INVH and SPY?
As of 2026-08-27, the correlation of weekly returns between INVH and SPY is 0.34 over 3 years, 0.07 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for INVH?
Reasonably. At 0.34, INVH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: INVH correlations · SPY correlations
