SPY vs SVV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Savers Value Village, Inc. (SVV) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SVV?
Across a 3-year window, the weekly returns of SPY and SVV correlate at 0.23, weak. The link has tightened recently: the 1-year correlation (0.37) runs above the 3-year figure (0.23). Stretching to 5 years gives n/a, with an annualized covariance of 181.9 %².
Among the 4755 assets we track against SPY, SVV ranks #2980 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.0 percentage points (+20.6% for SPY against -9.4% for SVV). One caveat on sizing: SVV is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SVV: side by side
| SPY (SPDR S&P 500 ETF Trust) | SVV (Savers Value Village, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -9.4% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 55.5% |
| Beta vs S&P 500 | 1.00 | 0.87 |
| Max drawdown (3Y) | -18.8% | -73.6% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | 70.2 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SVV |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -41.0% |
| 2025 | +17.7% | -8.9% |
| 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 SVV good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and SVV?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.37 over the last year and n/a over 5 years.
Is SVV a good diversifier for SPY?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-svv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-svv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · SVV correlations
