SPY vs SPYV: Correlation & Overlap
How closely do SPDR S&P 500 ETF Trust (SPY) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong. The two funds also share 59.7% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SPYV?
Over the past 3 years, SPY and SPYV moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.84 over 3. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 146.4 %².
Among the 4755 assets we track against SPY, SPYV ranks #38 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +18.5% for SPYV. Across three years, the rolling one-year figure varied moderately, from 0.62 to 0.96.
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.
SPY vs SPYV: side by side
| SPY (SPDR S&P 500 ETF Trust) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +20.6% | +18.5% |
| 5-year return | +82.4% | +73.5% |
| Volatility (ann.) | 14.5% | 12.1% |
| Beta vs S&P 500 | 1.00 | 0.70 |
| Max drawdown (3Y) | -18.8% | -17.5% |
| Dividend yield | 1.01% | 1.69% |
| Expense ratio | 0.09% | 0.04% |
| Assets under management | $795.3B | $36.2B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
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. 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.
Portfolio overlap between SPY and SPYV
The two portfolios overlap heavily, with 438 holdings in common adding up to 59.7% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPY | Weight in SPYV |
|---|---|---|
| AAPL | 6.96% | 7.58% |
| AMZN | 3.85% | 3.95% |
| TSLA | 1.47% | 1.22% |
| JPM | 1.44% | 1.01% |
| XOM | 0.99% | 2.16% |
| V | 0.96% | 0.94% |
| JNJ | 0.98% | 0.88% |
| ABBV | 0.70% | 0.83% |
| WMT | 0.69% | 1.51% |
| CSCO | 0.67% | 0.69% |
| INTC | 0.66% | 1.44% |
| COST | 0.64% | 1.40% |
| BAC | 0.61% | 1.34% |
| MRK | 0.57% | 1.25% |
| CVX | 0.57% | 1.23% |
Largest positions held only by SPY: NVDA (7.68%), MSFT (5.58%), GOOGL (3.03%), AVGO (2.55%), GOOG (2.42%). Only by SPYV: .
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPY | SPYV |
|---|---|---|
| 2022 | -18.2% | -5.3% |
| 2023 | +26.2% | +22.2% |
| 2024 | +24.9% | +12.2% |
| 2025 | +17.7% | +13.2% |
| 2026 | +13.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SPYV good diversifiers for each other?
No: a correlation of 0.84 means SPY and SPYV tend to fall together, which is precisely when diversification is supposed to help. On top of that, 59.7% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between SPY and SPYV?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.76 over the last year and 0.89 over 5 years.
Is SPYV a good diversifier for SPY?
No: a correlation of 0.84 means SPY and SPYV tend to fall together, which is precisely when diversification is supposed to help. On top of that, 59.7% of their holdings are the same, making the doubling-up even more literal.
How much do SPY and SPYV overlap?
59.7% by weight, across 438 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: SPY correlations · SPYV correlations
