SPY vs VST: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vistra Corp. (VST) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VST?
Over the past 3 years, SPY and VST moved with a correlation of 0.44, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.44 over 3 years. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 338.9 %².
Among the 4755 assets we track against SPY, VST ranks #831 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 48.4 points (+20.6% versus -27.8%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.06 to 0.65. One caveat on sizing: VST is 3.6 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 VST: side by side
| SPY (SPDR S&P 500 ETF Trust) | VST (Vistra Corp.) | |
|---|---|---|
| 1-year return | +20.6% | -27.8% |
| 5-year return | +82.4% | +713.7% |
| Volatility (ann.) | 14.5% | 52.8% |
| Beta vs S&P 500 | 1.00 | 1.62 |
| Max drawdown (3Y) | -18.8% | -48.8% |
| Market cap | – | $46.9B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | 1.01% | 0.65% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Utilities |
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 | VST |
|---|---|---|
| 2022 | -18.2% | +5.1% |
| 2023 | +26.2% | +70.7% |
| 2024 | +24.9% | +261.5% |
| 2025 | +17.7% | +17.7% |
| 2026 | +13.7% | -13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds VST at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and VST good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VST?
The SPY/VST correlation stands at 0.44 on a 3-year window (1 year: 0.16, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is VST a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: SPY correlations · VST correlations
