SPY vs VPV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Invesco Pennsylvania Value Municipal Income Trust (VPV) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VPV?
Across a 3-year window, the weekly returns of SPY and VPV correlate at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 55.2 %².
By 3-year correlation, VPV places #2017 of the 4755 assets tracked against SPY. Twelve-month performance is nearly a tie, at +20.6% for SPY and +23.2% for VPV.
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 VPV: side by side
| SPY (SPDR S&P 500 ETF Trust) | VPV (Invesco Pennsylvania Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +20.6% | +23.2% |
| 5-year return | +82.4% | +11.8% |
| Volatility (ann.) | 14.5% | 11.9% |
| Beta vs S&P 500 | 1.00 | 0.26 |
| Max drawdown (3Y) | -18.8% | -12.4% |
| Market cap | – | – |
| P/E (trailing) | – | 40.5 |
| Dividend yield | 1.01% | 7.04% |
| 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 | VPV |
|---|---|---|
| 2022 | -18.2% | -26.3% |
| 2023 | +26.2% | +6.2% |
| 2024 | +24.9% | +9.1% |
| 2025 | +17.7% | +10.0% |
| 2026 | +13.7% | +13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VPV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VPV?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.39 over the last year and 0.45 over 5 years.
Is VPV a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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-vpv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-vpv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VPV correlations
