SPY vs VAL: Correlation
SPDR S&P 500 ETF Trust (SPY) and Valaris Limited (VAL) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VAL?
Across a 3-year window, the weekly returns of SPY and VAL correlate at 0.21, weak. The link has loosened recently: the 1-year correlation (-0.10) runs below the 3-year figure (0.21). Stretching to 5 years gives 0.26, with an annualized covariance of 160.4 %².
Among the 4755 assets we track against SPY, VAL ranks #3191 by 3-year correlation. The last year tells two different stories: VAL led by 52.7 percentage points, +20.6% for SPY against +73.3% for VAL. Risk is not evenly split, since VAL carries 3.6 times the volatility of the other side.
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 VAL: side by side
| SPY (SPDR S&P 500 ETF Trust) | VAL (Valaris Limited) | |
|---|---|---|
| 1-year return | +20.6% | +73.3% |
| 5-year return | +82.4% | +200.2% |
| Volatility (ann.) | 14.5% | 52.9% |
| Beta vs S&P 500 | 1.00 | 0.77 |
| Max drawdown (3Y) | -18.8% | -63.8% |
| Market cap | – | $5.9B |
| P/E (trailing) | – | 6.3 |
| 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 | VAL |
|---|---|---|
| 2022 | -18.2% | +87.8% |
| 2023 | +26.2% | +1.4% |
| 2024 | +24.9% | -35.5% |
| 2025 | +17.7% | +13.9% |
| 2026 | +13.7% | +69.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VAL?
The SPY/VAL correlation stands at 0.21 on a 3-year window (1 year: -0.10, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is VAL a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-val.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-val/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VAL correlations
