SPY vs VEEV: Correlation
SPDR S&P 500 ETF Trust (SPY) and Veeva Systems (VEEV) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VEEV?
On 3 years of weekly data the SPY/VEEV correlation comes out at 0.36, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.36). The 5-year figure is 0.49, and annualized covariance runs at 207.1 %².
By 3-year correlation, VEEV places #1599 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.5 points (+20.6% versus -3.9%). On a rolling one-year basis the correlation drifted between 0.22 and 0.66, a moderate band. Note the risk asymmetry: VEEV runs 2.8 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 VEEV: side by side
| SPY (SPDR S&P 500 ETF Trust) | VEEV (Veeva Systems) | |
|---|---|---|
| 1-year return | +20.6% | -3.9% |
| 5-year return | +82.4% | -15.2% |
| Volatility (ann.) | 14.5% | 40.0% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -18.8% | -50.5% |
| Market cap | – | $45.8B |
| P/E (trailing) | – | 46.3 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | VEEV |
|---|---|---|
| 2022 | -18.2% | -36.8% |
| 2023 | +26.2% | +19.3% |
| 2024 | +24.9% | +9.2% |
| 2025 | +17.7% | +6.2% |
| 2026 | +13.7% | +26.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds VEEV at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and VEEV good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VEEV?
The SPY/VEEV correlation stands at 0.36 on a 3-year window (1 year: 0.25, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is VEEV a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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
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Related comparisons
Hubs: SPY correlations · VEEV correlations
