SPY vs VSEC: Correlation
SPDR S&P 500 ETF Trust (SPY) and VSE Corporation (VSEC) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VSEC?
Over the past 3 years, SPY and VSEC moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 317.9 %².
By 3-year correlation, VSEC places #510 of the 4755 assets tracked against SPY. Over the last 12 months VSEC came out ahead by 13.6 percentage points (+20.6% against +34.2%). One caveat on sizing: VSEC is 3.1 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 VSEC: side by side
| SPY (SPDR S&P 500 ETF Trust) | VSEC (VSE Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +34.2% |
| 5-year return | +82.4% | +365.5% |
| Volatility (ann.) | 14.5% | 44.9% |
| Beta vs S&P 500 | 1.00 | 1.52 |
| Max drawdown (3Y) | -18.8% | -30.3% |
| Market cap | – | $6.2B |
| P/E (trailing) | – | 72.5 |
| Dividend yield | 1.01% | 0.18% |
| 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 | VSEC |
|---|---|---|
| 2022 | -18.2% | -22.4% |
| 2023 | +26.2% | +38.9% |
| 2024 | +24.9% | +47.9% |
| 2025 | +17.7% | +82.3% |
| 2026 | +13.7% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VSEC good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VSEC?
As of 2026-08-27, the correlation of weekly returns between SPY and VSEC is 0.49 over 3 years, 0.56 over 1 year and 0.52 over 5 years.
Is VSEC a good diversifier for SPY?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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-vsec.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vsec/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VSEC correlations
