SPY vs VNOM: Correlation
SPDR S&P 500 ETF Trust (SPY) and Viper Energy, Inc. (VNOM) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VNOM?
On 3 years of weekly data the SPY/VNOM correlation comes out at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at -0.21 versus 0.15 over 3 years. The 5-year figure is 0.22, and annualized covariance runs at 69.9 %².
Within SPY's tracked universe of 4755 assets, VNOM comes in at #3751 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +20.5% for VNOM. Note the risk asymmetry: VNOM runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VNOM: side by side
| SPY (SPDR S&P 500 ETF Trust) | VNOM (Viper Energy, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +20.5% |
| 5-year return | +82.4% | +230.6% |
| Volatility (ann.) | 14.5% | 31.8% |
| Beta vs S&P 500 | 1.00 | 0.33 |
| Max drawdown (3Y) | -18.8% | -34.5% |
| Market cap | – | $23.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 5.54% |
| 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 | VNOM |
|---|---|---|
| 2022 | -18.2% | +61.7% |
| 2023 | +26.2% | +4.8% |
| 2024 | +24.9% | +65.5% |
| 2025 | +17.7% | -16.6% |
| 2026 | +13.7% | +20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VNOM good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and VNOM?
The SPY/VNOM correlation stands at 0.15 on a 3-year window (1 year: -0.21, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is VNOM a good diversifier for SPY?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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-vnom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vnom/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · VNOM correlations
