IVR vs SPY: Correlation
How closely do INVESCO MORTGAGE CAPITAL INC (IVR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVR and SPY?
Over the past 3 years, IVR and SPY moved with a correlation of 0.43, which is moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.43). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 184.7 %².
By 3-year correlation, SPY places #8 of the 14 assets tracked against IVR. Their 12-month results are close: +17.7% for IVR against +20.6% for SPY. Risk is not evenly split, since IVR carries 2.1 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.
IVR vs SPY: side by side
| IVR (INVESCO MORTGAGE CAPITAL INC) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.7% | +20.6% |
| 5-year return | -40.5% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -41.4% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 4.7 | – |
| Dividend yield | 19.27% | 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 | IVR | SPY |
|---|---|---|
| 2022 | -44.6% | -18.2% |
| 2023 | -14.3% | +26.2% |
| 2024 | +9.0% | +24.9% |
| 2025 | +24.9% | +17.7% |
| 2026 | -0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IVR and SPY?
As of 2026-08-27, the correlation of weekly returns between IVR and SPY is 0.43 over 3 years, 0.16 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for IVR?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: IVR correlations · SPY correlations
