SPY vs VLO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Valero Energy (VLO) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VLO?
On 3 years of weekly data the SPY/VLO correlation comes out at 0.23, weak. The past 12 months show a weaker link (-0.32) than the 3-year average (0.23). The 5-year figure is 0.24, and annualized covariance runs at 114.0 %².
Among the 4755 assets we track against SPY, VLO ranks #2993 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VLO ahead by 114.2 points (+20.6% versus +134.8%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.34 and 0.66 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since VLO carries 2.4 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 VLO: side by side
| SPY (SPDR S&P 500 ETF Trust) | VLO (Valero Energy) | |
|---|---|---|
| 1-year return | +20.6% | +134.8% |
| 5-year return | +82.4% | +512.9% |
| Volatility (ann.) | 14.5% | 34.8% |
| Beta vs S&P 500 | 1.00 | 0.55 |
| Max drawdown (3Y) | -18.8% | -41.2% |
| Market cap | – | $99.8B |
| P/E (trailing) | – | 14.5 |
| Dividend yield | 1.01% | 1.34% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Energy |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VLO |
|---|---|---|
| 2022 | -18.2% | +75.0% |
| 2023 | +26.2% | +5.9% |
| 2024 | +24.9% | -3.0% |
| 2025 | +17.7% | +37.0% |
| 2026 | +13.7% | +116.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds VLO at a 0.16% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and VLO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VLO?
As of 2026-08-27, the correlation of weekly returns between SPY and VLO is 0.23 over 3 years, -0.32 over 1 year and 0.24 over 5 years.
Is VLO a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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.
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Related comparisons
Hubs: SPY correlations · VLO correlations
