SPY vs VNO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Vornado Realty Trust (VNO) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VNO?
Over the past 3 years, SPY and VNO moved with a correlation of 0.49, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 279.0 %².
Within SPY's tracked universe of 4755 assets, VNO comes in at #509 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.5 points (+20.6% versus +5.1%). Risk is not evenly split, since VNO carries 2.7 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 VNO: side by side
| SPY (SPDR S&P 500 ETF Trust) | VNO (Vornado Realty Trust) | |
|---|---|---|
| 1-year return | +20.6% | +5.1% |
| 5-year return | +82.4% | +8.4% |
| Volatility (ann.) | 14.5% | 39.1% |
| Beta vs S&P 500 | 1.00 | 1.34 |
| Max drawdown (3Y) | -18.8% | -43.9% |
| Market cap | – | $7.7B |
| P/E (trailing) | – | 1290.7 |
| Dividend yield | 1.01% | 1.90% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VNO |
|---|---|---|
| 2022 | -18.2% | -46.7% |
| 2023 | +26.2% | +39.5% |
| 2024 | +24.9% | +51.3% |
| 2025 | +17.7% | -19.1% |
| 2026 | +13.7% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VNO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VNO?
The SPY/VNO correlation stands at 0.49 on a 3-year window (1 year: 0.48, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is VNO a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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-vno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VNO correlations
