NTRS vs SPYV: Correlation
How closely do Northern Trust (NTRS) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and SPYV?
Across a 3-year window, the weekly returns of NTRS and SPYV correlate at 0.74, strong. The past 12 months show a weaker link (0.59) than the 3-year average (0.74). Stretching to 5 years gives 0.74, with an annualized covariance of 213.2 %².
Within NTRS's tracked universe of 33 assets, SPYV comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NTRS ahead by 26.3 points (+44.8% versus +18.5%). Across three years, the rolling one-year figure varied moderately, from 0.56 to 0.84. One caveat on sizing: NTRS is 2.0 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.
NTRS vs SPYV: side by side
| NTRS (Northern Trust) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +44.8% | +18.5% |
| 5-year return | +83.2% | +73.5% |
| Volatility (ann.) | 23.7% | 12.1% |
| Beta vs S&P 500 | 1.08 | 0.70 |
| Max drawdown (3Y) | -25.2% | -17.5% |
| Market cap | $34.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.71% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Financials | 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 | NTRS | SPYV |
|---|---|---|
| 2022 | -23.8% | -5.3% |
| 2023 | -1.0% | +22.2% |
| 2024 | +25.6% | +12.2% |
| 2025 | +36.9% | +13.2% |
| 2026 | +37.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds NTRS at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NTRS and SPYV good diversifiers for each other?
To a limited degree. At 0.74 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 NTRS and SPYV?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.59 over the last year and 0.74 over 5 years.
Is SPYV a good diversifier for NTRS?
To a limited degree. At 0.74 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 0.74 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ntrs-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntrs-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NTRS correlations · SPYV correlations
