SPY vs VGAS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Verde Clean Fuels, Inc. (VGAS) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VGAS?
On 3 years of weekly data the SPY/VGAS correlation comes out at 0.14, weak. Little has changed lately, as the 1-year reading of 0.21 lands near the 3-year figure. The 5-year figure is 0.06, and annualized covariance runs at 191.0 %².
By 3-year correlation, VGAS places #3822 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 75.1 percentage points (+20.6% for SPY against -54.5% for VGAS). One caveat on sizing: VGAS is 6.5 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 VGAS: side by side
| SPY (SPDR S&P 500 ETF Trust) | VGAS (Verde Clean Fuels, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -54.5% |
| 5-year return | +82.4% | -86.2% |
| Volatility (ann.) | 14.5% | 94.3% |
| Beta vs S&P 500 | 1.00 | 0.91 |
| Max drawdown (3Y) | -18.8% | -82.3% |
| Market cap | – | $0.1B |
| 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 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 | VGAS |
|---|---|---|
| 2022 | -18.2% | -8.2% |
| 2023 | +26.2% | -74.1% |
| 2024 | +24.9% | +72.2% |
| 2025 | +17.7% | -49.3% |
| 2026 | +13.7% | -34.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VGAS good diversifiers for each other?
Yes. With a correlation of 0.14, SPY and VGAS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and VGAS?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.21 over the last year and 0.06 over 5 years.
Is VGAS a good diversifier for SPY?
Yes. With a correlation of 0.14, SPY and VGAS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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-vgas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vgas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VGAS correlations
