SPY vs VREX: Correlation
SPDR S&P 500 ETF Trust (SPY) and Varex Imaging Corporation (VREX) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VREX?
Over the past 3 years, SPY and VREX moved with a correlation of 0.47, which is moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.47). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 398.8 %².
Within SPY's tracked universe of 4755 assets, VREX comes in at #608 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VREX ahead by 40.9 points (+20.6% versus +61.5%). One caveat on sizing: VREX is 4.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VREX: side by side
| SPY (SPDR S&P 500 ETF Trust) | VREX (Varex Imaging Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +61.5% |
| 5-year return | +82.4% | -36.0% |
| Volatility (ann.) | 14.5% | 58.7% |
| Beta vs S&P 500 | 1.00 | 1.91 |
| Max drawdown (3Y) | -18.8% | -67.8% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 34.9 |
| Dividend yield | 1.01% | 0.00% |
| 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 | VREX |
|---|---|---|
| 2022 | -18.2% | -35.7% |
| 2023 | +26.2% | +1.0% |
| 2024 | +24.9% | -28.8% |
| 2025 | +17.7% | -20.2% |
| 2026 | +13.7% | +58.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VREX good diversifiers for each other?
Reasonably. At 0.47, SPY and VREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VREX?
The SPY/VREX correlation stands at 0.47 on a 3-year window (1 year: 0.30, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is VREX a good diversifier for SPY?
Reasonably. At 0.47, SPY and VREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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-vrex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-vrex/)
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Related comparisons
Hubs: SPY correlations · VREX correlations
