SPY vs VIK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Viking Holdings Ltd (VIK) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VIK?
Across a 3-year window, the weekly returns of SPY and VIK correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.55). Stretching to 5 years gives n/a, with an annualized covariance of 274.1 %².
Within SPY's tracked universe of 4755 assets, VIK comes in at #291 by 3-year correlation. The last year tells two different stories: VIK led by 22.1 percentage points, +20.6% for SPY against +42.7% for VIK. One caveat on sizing: VIK is 2.3 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 VIK: side by side
| SPY (SPDR S&P 500 ETF Trust) | VIK (Viking Holdings Ltd) | |
|---|---|---|
| 1-year return | +20.6% | +42.7% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 33.6% |
| Beta vs S&P 500 | 1.00 | 1.31 |
| Max drawdown (3Y) | -18.8% | -35.4% |
| Market cap | – | $40.1B |
| P/E (trailing) | – | 30.0 |
| 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 | VIK |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | +62.1% |
| 2026 | +13.7% | +25.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VIK good diversifiers for each other?
Only partially. A correlation of 0.55 means SPY and VIK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and VIK?
As of 2026-08-27, the correlation of weekly returns between SPY and VIK is 0.55 over 3 years, 0.41 over 1 year and n/a over 5 years.
Is VIK a good diversifier for SPY?
Only partially. A correlation of 0.55 means SPY and VIK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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 · VIK correlations
