SPY vs VECO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Veeco Instruments Inc. (VECO) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VECO?
Over the past 3 years, SPY and VECO moved with a correlation of 0.46, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.46 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 328.4 %².
Among the 4755 assets we track against SPY, VECO ranks #680 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VECO outperformed by 75.0 percentage points (+20.6% for SPY against +95.6% for VECO). Note the risk asymmetry: VECO runs 3.4 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 VECO: side by side
| SPY (SPDR S&P 500 ETF Trust) | VECO (Veeco Instruments Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +95.6% |
| 5-year return | +82.4% | +105.2% |
| Volatility (ann.) | 14.5% | 49.1% |
| Beta vs S&P 500 | 1.00 | 1.57 |
| Max drawdown (3Y) | -18.8% | -64.2% |
| Market cap | – | $2.9B |
| P/E (trailing) | – | 120.4 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VECO |
|---|---|---|
| 2022 | -18.2% | -34.7% |
| 2023 | +26.2% | +67.0% |
| 2024 | +24.9% | -13.6% |
| 2025 | +17.7% | +6.6% |
| 2026 | +13.7% | +64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VECO good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VECO?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.24 over the last year and 0.51 over 5 years.
Is VECO a good diversifier for SPY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-veco.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-veco/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · VECO correlations
