IVZ vs SPY: Correlation
Invesco (IVZ) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVZ and SPY?
Across a 3-year window, the weekly returns of IVZ and SPY correlate at 0.57, moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.57 over 3. Stretching to 5 years gives 0.62, with an annualized covariance of 269.0 %².
By 3-year correlation, SPY places #22 of the 33 assets tracked against IVZ. Correlation aside, the last 12 months split them widely, with IVZ ahead by 35.3 points (+55.9% versus +20.6%). The rolling one-year correlation moved between 0.34 and 0.70 over the past three years, a moderate range. Risk is not evenly split, since IVZ carries 2.2 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.
IVZ vs SPY: side by side
| IVZ (Invesco) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.9% | +20.6% |
| 5-year return | +63.7% | +82.4% |
| Volatility (ann.) | 32.6% | 14.5% |
| Beta vs S&P 500 | 1.29 | 1.00 |
| Max drawdown (3Y) | -36.5% | -18.8% |
| Market cap | $14.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.58% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | IVZ | SPY |
|---|---|---|
| 2022 | -18.7% | -18.2% |
| 2023 | +4.2% | +26.2% |
| 2024 | +3.0% | +24.9% |
| 2025 | +56.9% | +17.7% |
| 2026 | +29.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVZ and SPY good diversifiers for each other?
Only partially. A correlation of 0.57 means IVZ and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IVZ and SPY?
The IVZ/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.60, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IVZ?
Only partially. A correlation of 0.57 means IVZ and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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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Hubs: IVZ correlations · SPY correlations
