SPY vs VRNS: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Varonis Systems, Inc. (VRNS) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VRNS?
On 3 years of weekly data the SPY/VRNS correlation comes out at 0.29, weak. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.29 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 210.1 %².
Among the 4755 assets we track against SPY, VRNS ranks #2369 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 44.0 percentage points (+20.6% for SPY against -23.4% for VRNS). Note the risk asymmetry: VRNS runs 3.5 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 VRNS: side by side
| SPY (SPDR S&P 500 ETF Trust) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -23.4% |
| 5-year return | +82.4% | -35.2% |
| Volatility (ann.) | 14.5% | 50.1% |
| Beta vs S&P 500 | 1.00 | 1.01 |
| Max drawdown (3Y) | -18.8% | -68.1% |
| Market cap | – | $5.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | VRNS |
|---|---|---|
| 2022 | -18.2% | -50.9% |
| 2023 | +26.2% | +89.1% |
| 2024 | +24.9% | -1.9% |
| 2025 | +17.7% | -26.2% |
| 2026 | +13.7% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VRNS good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VRNS?
The SPY/VRNS correlation stands at 0.29 on a 3-year window (1 year: 0.16, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is VRNS a good diversifier for SPY?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 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.
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Related comparisons
Hubs: SPY correlations · VRNS correlations
