SPY vs VMC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vulcan Materials Company (VMC) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VMC?
Across a 3-year window, the weekly returns of SPY and VMC correlate at 0.47, moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.47). Stretching to 5 years gives 0.54, with an annualized covariance of 170.5 %².
By 3-year correlation, VMC places #607 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 25.8 percentage points, +20.6% for SPY against -5.2% for VMC. The rolling one-year correlation moved between 0.26 and 0.65 over the past three years, a moderate range. One caveat on sizing: VMC is 1.7 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 VMC: side by side
| SPY (SPDR S&P 500 ETF Trust) | VMC (Vulcan Materials Company) | |
|---|---|---|
| 1-year return | +20.6% | -5.2% |
| 5-year return | +82.4% | +53.2% |
| Volatility (ann.) | 14.5% | 25.2% |
| Beta vs S&P 500 | 1.00 | 0.82 |
| Max drawdown (3Y) | -18.8% | -24.4% |
| Market cap | – | $35.5B |
| P/E (trailing) | – | 32.3 |
| Dividend yield | 1.01% | 0.74% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Materials |
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 | VMC |
|---|---|---|
| 2022 | -18.2% | -14.9% |
| 2023 | +26.2% | +30.8% |
| 2024 | +24.9% | +14.1% |
| 2025 | +17.7% | +11.7% |
| 2026 | +13.7% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
VMC represents 0.05% of SPY's portfolio, so part of any move in SPY is VMC itself, and the correlation between them is partly mechanical.
Are SPY and VMC good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VMC?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.29 over the last year and 0.54 over 5 years.
Is VMC a good diversifier for SPY?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vmc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vmc/)
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Related comparisons
Hubs: SPY correlations · VMC correlations
