SOLV vs SPY: Correlation
How closely do Solventum (SOLV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOLV and SPY?
Over the past 3 years, SOLV and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.16) than the 3-year average (0.28). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 128.9 %².
Within SOLV's tracked universe of 30 assets, SPY comes in at #19 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.7% for SOLV and +20.6% for SPY. The rolling one-year correlation moved between 0.14 and 0.61 over the past three years, a moderate range. Note the risk asymmetry: SOLV runs 2.1 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.
SOLV vs SPY: side by side
| SOLV (Solventum) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -40.0% | -18.8% |
| Market cap | $15.5B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | SOLV | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +20.0% | +17.7% |
| 2026 | +14.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOLV and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SOLV and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.16 over the last year and n/a over 5 years.
Is SPY a good diversifier for SOLV?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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: SOLV correlations · SPY correlations
