SPY vs SVM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Silvercorp Metals Inc. (SVM) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SVM?
Over the past 3 years, SPY and SVM moved with a correlation of 0.32, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 277.6 %².
Among the 4755 assets we track against SPY, SVM ranks #2012 by 3-year correlation. The last year tells two different stories: SVM led by 167.3 percentage points, +20.6% for SPY against +187.9% for SVM. Note the risk asymmetry: SVM runs 4.1 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.
SPY vs SVM: side by side
| SPY (SPDR S&P 500 ETF Trust) | SVM (Silvercorp Metals Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +187.9% |
| 5-year return | +82.4% | +222.0% |
| Volatility (ann.) | 14.5% | 59.2% |
| Beta vs S&P 500 | 1.00 | 1.33 |
| Max drawdown (3Y) | -18.8% | -43.8% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 122.4 |
| Dividend yield | 1.01% | 0.19% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SVM |
|---|---|---|
| 2022 | -18.2% | -20.6% |
| 2023 | +26.2% | -10.3% |
| 2024 | +24.9% | +14.9% |
| 2025 | +17.7% | +178.8% |
| 2026 | +13.7% | +61.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SVM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SVM?
The SPY/SVM correlation stands at 0.32 on a 3-year window (1 year: 0.40, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SVM a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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.
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Related comparisons
Hubs: SPY correlations · SVM correlations
