ITW vs SPYV: Correlation
Illinois Tool Works (ITW) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and SPYV?
Over the past 3 years, ITW and SPYV moved with a correlation of 0.69, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.48 versus 0.69 over 3 years. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 158.6 %².
Within ITW's tracked universe of 81 assets, SPYV comes in at #12 by 3-year correlation. The trailing year gives SPYV the advantage: +8.2% versus +18.5%, a 10.3-point spread. Across three years, the rolling one-year figure varied moderately, from 0.49 to 0.85. One caveat on sizing: ITW is 1.6 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.
ITW vs SPYV: side by side
| ITW (Illinois Tool Works) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +8.2% | +18.5% |
| 5-year return | +36.1% | +73.5% |
| Volatility (ann.) | 19.0% | 12.1% |
| Beta vs S&P 500 | 0.64 | 0.70 |
| Max drawdown (3Y) | -20.6% | -17.5% |
| Market cap | $80.2B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 2.26% | 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 | ITW | SPYV |
|---|---|---|
| 2022 | -8.5% | -5.3% |
| 2023 | +21.6% | +22.2% |
| 2024 | -1.0% | +12.2% |
| 2025 | -0.4% | +13.2% |
| 2026 | +15.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.25% of SPYV is ITW itself, so the fund partly moves with the stock by construction.
Are ITW and SPYV good diversifiers for each other?
To a limited degree. At 0.69 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 ITW and SPYV?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.48 over the last year and 0.74 over 5 years.
Is SPYV a good diversifier for ITW?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 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/itw-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/itw-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ITW correlations · SPYV correlations
