SPY vs VATE: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and INNOVATE Corp. (VATE) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VATE?
Across a 3-year window, the weekly returns of SPY and VATE correlate at 0.25, weak. Recent behaviour matches the longer record: 0.31 over 1 year against 0.25 over 3. Stretching to 5 years gives 0.28, with an annualized covariance of 447.7 %².
By 3-year correlation, VATE places #2781 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with VATE ahead by 25.2 points (+20.6% versus +45.8%). Note the risk asymmetry: VATE runs 8.5 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 VATE: side by side
| SPY (SPDR S&P 500 ETF Trust) | VATE (INNOVATE Corp.) | |
|---|---|---|
| 1-year return | +20.6% | +45.8% |
| 5-year return | +82.4% | -79.2% |
| Volatility (ann.) | 14.5% | 122.7% |
| Beta vs S&P 500 | 1.00 | 2.14 |
| Max drawdown (3Y) | -18.8% | -81.0% |
| 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 |
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 | VATE |
|---|---|---|
| 2022 | -18.2% | -49.5% |
| 2023 | +26.2% | -34.2% |
| 2024 | +24.9% | -59.8% |
| 2025 | +17.7% | -8.5% |
| 2026 | +13.7% | +71.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VATE good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VATE?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.31 over the last year and 0.28 over 5 years.
Is VATE a good diversifier for SPY?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vate.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vate/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · VATE correlations
