SPY vs VALU: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Value Line, Inc. (VALU) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VALU?
Over the past 3 years, SPY and VALU moved with a correlation of 0.11, which is weak. The relationship has been stable: the 1-year correlation (0.04) sits close to the 3-year figure. Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 60.1 %².
By 3-year correlation, VALU places #4053 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.9 percentage points (+20.6% for SPY against +0.7% for VALU). One caveat on sizing: VALU is 2.7 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 VALU: side by side
| SPY (SPDR S&P 500 ETF Trust) | VALU (Value Line, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +0.7% |
| 5-year return | +82.4% | +11.4% |
| Volatility (ann.) | 14.5% | 39.5% |
| Beta vs S&P 500 | 1.00 | 0.29 |
| Max drawdown (3Y) | -18.8% | -40.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 16.1 |
| Dividend yield | 1.01% | 3.58% |
| 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 | VALU |
|---|---|---|
| 2022 | -18.2% | +10.3% |
| 2023 | +26.2% | -1.9% |
| 2024 | +24.9% | +11.3% |
| 2025 | +17.7% | -24.9% |
| 2026 | +13.7% | -1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VALU good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and VALU?
As of 2026-08-27, the correlation of weekly returns between SPY and VALU is 0.11 over 3 years, 0.04 over 1 year and 0.18 over 5 years.
Is VALU a good diversifier for SPY?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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 · VALU correlations
