SPY vs VOYA: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Voya Financial, Inc. (VOYA) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VOYA?
Over the past 3 years, SPY and VOYA moved with a correlation of 0.52, which is moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.52). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 187.4 %².
By 3-year correlation, VOYA places #403 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months VOYA outperformed by 16.1 percentage points (+20.6% for SPY against +36.7% for VOYA). Risk is not evenly split, since VOYA carries 1.7 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 VOYA: side by side
| SPY (SPDR S&P 500 ETF Trust) | VOYA (Voya Financial, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +36.7% |
| 5-year return | +82.4% | +72.0% |
| Volatility (ann.) | 14.5% | 25.1% |
| Beta vs S&P 500 | 1.00 | 0.90 |
| Max drawdown (3Y) | -18.8% | -34.6% |
| Market cap | – | $9.2B |
| P/E (trailing) | – | 17.1 |
| Dividend yield | 1.01% | 1.83% |
| 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 | VOYA |
|---|---|---|
| 2022 | -18.2% | -6.1% |
| 2023 | +26.2% | +20.7% |
| 2024 | +24.9% | -3.4% |
| 2025 | +17.7% | +11.1% |
| 2026 | +13.7% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VOYA good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and VOYA?
As of 2026-08-27, the correlation of weekly returns between SPY and VOYA is 0.52 over 3 years, 0.34 over 1 year and 0.56 over 5 years.
Is VOYA a good diversifier for SPY?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-voya.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-voya/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VOYA correlations
