SPY vs VGZ: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Vista Gold Corp (VGZ) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VGZ?
Across a 3-year window, the weekly returns of SPY and VGZ correlate at 0.25, weak. The link has tightened recently: the 1-year correlation (0.38) runs above the 3-year figure (0.25). Stretching to 5 years gives 0.25, with an annualized covariance of 273.7 %².
By 3-year correlation, VGZ places #2783 of the 4755 assets tracked against SPY. The last year tells two different stories: VGZ led by 83.7 percentage points, +20.6% for SPY against +104.3% for VGZ. Note the risk asymmetry: VGZ runs 5.3 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 VGZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | VGZ (Vista Gold Corp) | |
|---|---|---|
| 1-year return | +20.6% | +104.3% |
| 5-year return | +82.4% | +197.5% |
| Volatility (ann.) | 14.5% | 77.0% |
| Beta vs S&P 500 | 1.00 | 1.31 |
| Max drawdown (3Y) | -18.8% | -49.5% |
| Market cap | – | – |
| 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 | VGZ |
|---|---|---|
| 2022 | -18.2% | -29.6% |
| 2023 | +26.2% | -10.0% |
| 2024 | +24.9% | +24.4% |
| 2025 | +17.7% | +251.8% |
| 2026 | +13.7% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VGZ good diversifiers for each other?
Reasonably. At 0.25, SPY and VGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VGZ?
As of 2026-08-27, the correlation of weekly returns between SPY and VGZ is 0.25 over 3 years, 0.38 over 1 year and 0.25 over 5 years.
Is VGZ a good diversifier for SPY?
Reasonably. At 0.25, SPY and VGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VGZ correlations
