SPY vs VELO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Velo3D, Inc. (VELO) carry a correlation of -0.15, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VELO?
On 3 years of weekly data the SPY/VELO correlation comes out at -0.15, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.21) runs above the 3-year figure (-0.15). The 5-year figure is 0.00, and annualized covariance runs at -556.3 %².
By 3-year correlation, VELO places #4747 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with VELO ahead by 161.3 points (+20.6% versus +181.9%). Risk is not evenly split, since VELO carries 17.2 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 VELO: side by side
| SPY (SPDR S&P 500 ETF Trust) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +181.9% |
| 5-year return | +82.4% | -99.8% |
| Volatility (ann.) | 14.5% | 249.0% |
| Beta vs S&P 500 | 1.00 | -2.66 |
| Max drawdown (3Y) | -18.8% | -99.8% |
| Market cap | – | $0.4B |
| 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 | VELO |
|---|---|---|
| 2022 | -18.2% | -77.1% |
| 2023 | +26.2% | -77.8% |
| 2024 | +24.9% | -95.2% |
| 2025 | +17.7% | +35.7% |
| 2026 | +13.7% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VELO good diversifiers for each other?
Yes. With a correlation of -0.15, SPY and VELO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and VELO?
Using weekly returns as of 2026-08-27: -0.15 over 3 years, with 0.21 over the last year and 0.00 over 5 years.
Is VELO a good diversifier for SPY?
Yes. With a correlation of -0.15, SPY and VELO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.15 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-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VELO correlations
