SPY vs VHI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Valhi, Inc. (VHI) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VHI?
Across a 3-year window, the weekly returns of SPY and VHI correlate at 0.26, weak. The past 12 months show a weaker link (0.13) than the 3-year average (0.26). Stretching to 5 years gives 0.29, with an annualized covariance of 225.1 %².
Within SPY's tracked universe of 4755 assets, VHI comes in at #2679 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +7.1%, a 13.5-point spread. Risk is not evenly split, since VHI carries 4.1 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 VHI: side by side
| SPY (SPDR S&P 500 ETF Trust) | VHI (Valhi, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +7.1% |
| 5-year return | +82.4% | -14.8% |
| Volatility (ann.) | 14.5% | 59.4% |
| Beta vs S&P 500 | 1.00 | 1.08 |
| Max drawdown (3Y) | -18.8% | -71.3% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.74% |
| 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 | VHI |
|---|---|---|
| 2022 | -18.2% | -22.7% |
| 2023 | +26.2% | -29.4% |
| 2024 | +24.9% | +56.5% |
| 2025 | +17.7% | -47.4% |
| 2026 | +13.7% | +49.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VHI good diversifiers for each other?
Reasonably. At 0.26, SPY and VHI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VHI?
As of 2026-08-27, the correlation of weekly returns between SPY and VHI is 0.26 over 3 years, 0.13 over 1 year and 0.29 over 5 years.
Is VHI a good diversifier for SPY?
Reasonably. At 0.26, SPY and VHI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 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
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Related comparisons
Hubs: SPY correlations · VHI correlations
