SPY vs VMD: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Viemed Healthcare, Inc. (VMD) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VMD?
On 3 years of weekly data the SPY/VMD correlation comes out at 0.26, weak. The link has loosened recently: the 1-year correlation (-0.18) runs below the 3-year figure (0.26). The 5-year figure is 0.23, and annualized covariance runs at 152.6 %².
Among the 4755 assets we track against SPY, VMD ranks #2681 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +25.5% for VMD. One caveat on sizing: VMD is 2.8 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 VMD: side by side
| SPY (SPDR S&P 500 ETF Trust) | VMD (Viemed Healthcare, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +25.5% |
| 5-year return | +82.4% | +43.9% |
| Volatility (ann.) | 14.5% | 40.5% |
| Beta vs S&P 500 | 1.00 | 0.73 |
| Max drawdown (3Y) | -18.8% | -40.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 25.7 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | VMD |
|---|---|---|
| 2022 | -18.2% | +44.8% |
| 2023 | +26.2% | +3.8% |
| 2024 | +24.9% | +2.2% |
| 2025 | +17.7% | -7.4% |
| 2026 | +13.7% | +21.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VMD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VMD?
As of 2026-08-27, the correlation of weekly returns between SPY and VMD is 0.26 over 3 years, -0.18 over 1 year and 0.23 over 5 years.
Is VMD a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vmd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vmd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VMD correlations
