SPY vs VMI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Valmont Industries, Inc. (VMI) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VMI?
Over the past 3 years, SPY and VMI moved with a correlation of 0.46, which is moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.46). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 212.2 %².
Among the 4755 assets we track against SPY, VMI ranks #681 by 3-year correlation. Over the last 12 months VMI came out ahead by 8.6 percentage points (+20.6% against +29.2%). Risk is not evenly split, since VMI carries 2.2 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 VMI: side by side
| SPY (SPDR S&P 500 ETF Trust) | VMI (Valmont Industries, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +29.2% |
| 5-year return | +82.4% | +102.0% |
| Volatility (ann.) | 14.5% | 31.8% |
| Beta vs S&P 500 | 1.00 | 1.02 |
| Max drawdown (3Y) | -18.8% | -29.8% |
| Market cap | – | $9.3B |
| P/E (trailing) | – | 18.6 |
| Dividend yield | 1.01% | 0.61% |
| 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 | VMI |
|---|---|---|
| 2022 | -18.2% | +33.1% |
| 2023 | +26.2% | -28.7% |
| 2024 | +24.9% | +32.5% |
| 2025 | +17.7% | +32.2% |
| 2026 | +13.7% | +19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VMI good diversifiers for each other?
Reasonably. At 0.46, SPY and VMI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VMI?
The SPY/VMI correlation stands at 0.46 on a 3-year window (1 year: 0.28, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is VMI a good diversifier for SPY?
Reasonably. At 0.46, SPY and VMI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 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-vmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vmi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VMI correlations
