SCHW vs SPYV: Correlation
How closely do Charles Schwab Corporation (SCHW) 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 SCHW and SPYV?
On 3 years of weekly data the SCHW/SPYV correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.54). The 5-year figure is 0.60, and annualized covariance runs at 181.8 %².
Within SCHW's tracked universe of 27 assets, SPYV comes in at #15 by 3-year correlation. The trailing year gives SPYV the advantage: +13.0% versus +18.5%, a 5.5-point spread. On a rolling one-year basis the correlation drifted between 0.29 and 0.72, a moderate band. Note the risk asymmetry: SCHW runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SCHW vs SPYV: side by side
| SCHW (Charles Schwab Corporation) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +13.0% | +18.5% |
| 5-year return | +57.3% | +73.5% |
| Volatility (ann.) | 27.8% | 12.1% |
| Beta vs S&P 500 | 0.93 | 0.70 |
| Max drawdown (3Y) | -21.4% | -17.5% |
| Market cap | $186.9B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 1.08% | 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 | SCHW | SPYV |
|---|---|---|
| 2022 | +0.1% | -5.3% |
| 2023 | -16.0% | +22.2% |
| 2024 | +9.2% | +12.2% |
| 2025 | +36.6% | +13.2% |
| 2026 | +9.2% | +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 SCHW at a 0.59% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SCHW and SPYV good diversifiers for each other?
To a limited degree. At 0.54 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 SCHW and SPYV?
The SCHW/SPYV correlation stands at 0.54 on a 3-year window (1 year: 0.31, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for SCHW?
To a limited degree. At 0.54 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 0.54 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/schw-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/schw-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SCHW correlations · SPYV correlations
