SPY vs VFF: Correlation
SPDR S&P 500 ETF Trust (SPY) and Village Farms International, Inc. (VFF) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VFF?
Across a 3-year window, the weekly returns of SPY and VFF correlate at 0.30, moderate. Recent behaviour matches the longer record: 0.20 over 1 year against 0.30 over 3. Stretching to 5 years gives 0.30, with an annualized covariance of 336.0 %².
Within SPY's tracked universe of 4755 assets, VFF comes in at #2254 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.2 points (+20.6% versus -5.6%). One caveat on sizing: VFF is 5.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VFF: side by side
| SPY (SPDR S&P 500 ETF Trust) | VFF (Village Farms International, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -5.6% |
| 5-year return | +82.4% | -69.7% |
| Volatility (ann.) | 14.5% | 78.2% |
| Beta vs S&P 500 | 1.00 | 1.61 |
| Max drawdown (3Y) | -18.8% | -68.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 15.9 |
| 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 | VFF |
|---|---|---|
| 2022 | -18.2% | -79.1% |
| 2023 | +26.2% | -43.2% |
| 2024 | +24.9% | +1.3% |
| 2025 | +17.7% | +373.4% |
| 2026 | +13.7% | -21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VFF good diversifiers for each other?
Reasonably. At 0.30, SPY and VFF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VFF?
The SPY/VFF correlation stands at 0.30 on a 3-year window (1 year: 0.20, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is VFF a good diversifier for SPY?
Reasonably. At 0.30, SPY and VFF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · VFF correlations
