SPY vs VANI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vivani Medical, Inc. (VANI) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VANI?
Across a 3-year window, the weekly returns of SPY and VANI correlate at 0.15, weak. The past 12 months show a tighter link (0.45) than the 3-year average (0.15). Stretching to 5 years gives 0.17, with an annualized covariance of 269.4 %².
Among the 4755 assets we track against SPY, VANI ranks #3747 by 3-year correlation. Over the last 12 months SPY came out ahead by 5.8 percentage points (+20.6% against +14.8%). One caveat on sizing: VANI is 8.5 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 VANI: side by side
| SPY (SPDR S&P 500 ETF Trust) | VANI (Vivani Medical, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +14.8% |
| 5-year return | +82.4% | -87.4% |
| Volatility (ann.) | 14.5% | 123.8% |
| Beta vs S&P 500 | 1.00 | 1.29 |
| Max drawdown (3Y) | -18.8% | -77.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | VANI |
|---|---|---|
| 2022 | -18.2% | -82.6% |
| 2023 | +26.2% | +20.0% |
| 2024 | +24.9% | +13.7% |
| 2025 | +17.7% | +6.0% |
| 2026 | +13.7% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VANI good diversifiers for each other?
Yes. With a correlation of 0.15, SPY and VANI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and VANI?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.45 over the last year and 0.17 over 5 years.
Is VANI a good diversifier for SPY?
Yes. With a correlation of 0.15, SPY and VANI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SPY correlations · VANI correlations
