SPY vs VIP: Correlation
SPDR S&P 500 ETF Trust (SPY) and Vulcan Infrastructure and Power Inc. (VIP) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VIP?
Over the past 3 years, SPY and VIP moved with a correlation of 0.23, which is weak. Recent behaviour matches the longer record: 0.16 over 1 year against 0.23 over 3. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 362.7 %².
By 3-year correlation, VIP places #2991 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months VIP outperformed by 16.0 percentage points (+20.6% for SPY against +36.6% for VIP). One caveat on sizing: VIP is 7.6 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 VIP: side by side
| SPY (SPDR S&P 500 ETF Trust) | VIP (Vulcan Infrastructure and Power Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +36.6% |
| 5-year return | +82.4% | -99.9% |
| Volatility (ann.) | 14.5% | 110.7% |
| Beta vs S&P 500 | 1.00 | 1.74 |
| Max drawdown (3Y) | -18.8% | -92.8% |
| Market cap | – | – |
| P/E (trailing) | – | 14.9 |
| 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 | VIP |
|---|---|---|
| 2022 | -18.2% | -98.2% |
| 2023 | +26.2% | +131.4% |
| 2024 | +24.9% | -76.9% |
| 2025 | +17.7% | -4.5% |
| 2026 | +13.7% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VIP good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VIP?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.16 over the last year and 0.29 over 5 years.
Is VIP a good diversifier for SPY?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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 · VIP correlations
