SPY vs VCV: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Invesco California Value Municipal Income Trust (VCV) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VCV?
On 3 years of weekly data the SPY/VCV correlation comes out at 0.25, weak. The link has tightened recently: the 1-year correlation (0.42) runs above the 3-year figure (0.25). The 5-year figure is 0.38, and annualized covariance runs at 50.0 %².
Among the 4755 assets we track against SPY, VCV ranks #2782 by 3-year correlation. On 12-month performance SPY holds a 10.1-point edge, +20.6% against +10.5%.
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 VCV: side by side
| SPY (SPDR S&P 500 ETF Trust) | VCV (Invesco California Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +20.6% | +10.5% |
| 5-year return | +82.4% | -0.3% |
| Volatility (ann.) | 14.5% | 13.6% |
| Beta vs S&P 500 | 1.00 | 0.24 |
| Max drawdown (3Y) | -18.8% | -13.3% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 40.4 |
| Dividend yield | 1.01% | 7.38% |
| 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 | VCV |
|---|---|---|
| 2022 | -18.2% | -28.4% |
| 2023 | +26.2% | +7.9% |
| 2024 | +24.9% | +18.7% |
| 2025 | +17.7% | +9.5% |
| 2026 | +13.7% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VCV 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 VCV?
The SPY/VCV correlation stands at 0.25 on a 3-year window (1 year: 0.42, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is VCV 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?
On the −1 to +1 scale, 0.25 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
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Related comparisons
Hubs: SPY correlations · VCV correlations
