SPY vs VCEL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vericel Corporation (VCEL) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VCEL?
On 3 years of weekly data the SPY/VCEL correlation comes out at 0.34, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.34). The 5-year figure is 0.40, and annualized covariance runs at 208.1 %².
By 3-year correlation, VCEL places #1815 of the 4755 assets tracked against SPY. On 12-month performance SPY holds a 5.9-point edge, +20.6% against +14.7%. Risk is not evenly split, since VCEL carries 2.9 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 VCEL: side by side
| SPY (SPDR S&P 500 ETF Trust) | VCEL (Vericel Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +14.7% |
| 5-year return | +82.4% | -26.0% |
| Volatility (ann.) | 14.5% | 41.9% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -18.8% | -52.5% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | 87.6 |
| 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 | VCEL |
|---|---|---|
| 2022 | -18.2% | -33.0% |
| 2023 | +26.2% | +35.2% |
| 2024 | +24.9% | +54.2% |
| 2025 | +17.7% | -34.4% |
| 2026 | +13.7% | +14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VCEL good diversifiers for each other?
Reasonably. At 0.34, SPY and VCEL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VCEL?
The SPY/VCEL correlation stands at 0.34 on a 3-year window (1 year: 0.18, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is VCEL a good diversifier for SPY?
Reasonably. At 0.34, SPY and VCEL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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-vcel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vcel/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VCEL correlations
