OTIS vs SPYV: Correlation
How closely do Otis Worldwide (OTIS) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTIS and SPYV?
Over the past 3 years, OTIS and SPYV moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 126.1 %².
By 3-year correlation, SPYV places #9 of the 31 assets tracked against OTIS. The last year tells two different stories: SPYV led by 35.3 percentage points, -16.8% for OTIS against +18.5% for SPYV. Across three years, the rolling one-year figure varied moderately, from 0.45 to 0.82. Risk is not evenly split, since OTIS carries 1.6 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.
OTIS vs SPYV: side by side
| OTIS (Otis Worldwide) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -16.8% | +18.5% |
| 5-year return | -15.9% | +73.5% |
| Volatility (ann.) | 19.1% | 12.1% |
| Beta vs S&P 500 | 0.59 | 0.70 |
| Max drawdown (3Y) | -32.4% | -17.5% |
| Market cap | $27.2B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 2.35% | 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 | OTIS | SPYV |
|---|---|---|
| 2022 | -8.8% | -5.3% |
| 2023 | +16.0% | +22.2% |
| 2024 | +5.2% | +12.2% |
| 2025 | -4.0% | +13.2% |
| 2026 | -16.8% | +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 OTIS at a 0.09% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are OTIS and SPYV good diversifiers for each other?
Only partially. A correlation of 0.54 means OTIS and SPYV 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 OTIS and SPYV?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.57 over the last year and 0.66 over 5 years.
Is SPYV a good diversifier for OTIS?
Only partially. A correlation of 0.54 means OTIS and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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/otis-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/otis-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OTIS correlations · SPYV correlations
