SPY vs VFS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and VinFast Auto Ltd. (VFS) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VFS?
Across a 3-year window, the weekly returns of SPY and VFS correlate at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 337.8 %².
Within SPY's tracked universe of 4755 assets, VFS comes in at #2133 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.1 percentage points (+20.6% for SPY against -9.5% for VFS). Note the risk asymmetry: VFS runs 5.2 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 VFS: side by side
| SPY (SPDR S&P 500 ETF Trust) | VFS (VinFast Auto Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | -9.5% |
| 5-year return | +82.4% | -67.8% |
| Volatility (ann.) | 14.5% | 75.2% |
| Beta vs S&P 500 | 1.00 | 1.62 |
| Max drawdown (3Y) | -18.8% | -97.1% |
| Market cap | – | $7.4B |
| 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 | VFS |
|---|---|---|
| 2022 | -18.2% | +3.2% |
| 2023 | +26.2% | -16.3% |
| 2024 | +24.9% | -51.9% |
| 2025 | +17.7% | -17.1% |
| 2026 | +13.7% | -5.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VFS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VFS?
As of 2026-08-27, the correlation of weekly returns between SPY and VFS is 0.31 over 3 years, 0.23 over 1 year and 0.08 over 5 years.
Is VFS a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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 · VFS correlations
