SPY vs VSXY: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Victorias Secret & Co. (VSXY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VSXY?
Over the past 3 years, SPY and VSXY moved with a correlation of 0.34, which is moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.34). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 360.9 %².
Among the 4755 assets we track against SPY, VSXY ranks #1816 by 3-year correlation. The last year tells two different stories: VSXY led by 273.2 percentage points, +20.6% for SPY against +293.8% for VSXY. Note the risk asymmetry: VSXY runs 5.1 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 VSXY: side by side
| SPY (SPDR S&P 500 ETF Trust) | VSXY (Victorias Secret & Co.) | |
|---|---|---|
| 1-year return | +20.6% | +293.8% |
| 5-year return | +82.4% | +34.1% |
| Volatility (ann.) | 14.5% | 74.0% |
| Beta vs S&P 500 | 1.00 | 1.73 |
| Max drawdown (3Y) | -18.8% | -69.5% |
| Market cap | – | $7.1B |
| P/E (trailing) | – | 35.7 |
| Dividend yield | 1.01% | 0.00% |
| 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 | VSXY |
|---|---|---|
| 2022 | -18.2% | -35.6% |
| 2023 | +26.2% | -25.8% |
| 2024 | +24.9% | +56.1% |
| 2025 | +17.7% | +30.8% |
| 2026 | +13.7% | +65.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VSXY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VSXY?
The SPY/VSXY correlation stands at 0.34 on a 3-year window (1 year: 0.20, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is VSXY a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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-vsxy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vsxy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VSXY correlations
