SPY vs VT: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vanguard Total World Stock ETF (VT) carry a correlation of 0.96, a very strong link. The two funds also share 57.6% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VT?
Across a 3-year window, the weekly returns of SPY and VT correlate at 0.96, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.95 over 1 year against 0.96 over 3. Stretching to 5 years gives 0.97, with an annualized covariance of 193.2 %².
By 3-year correlation, VT places #7 of the 4755 assets tracked against SPY. Their 12-month results are close: +20.6% for SPY against +22.7% for VT. The link looks structural: the rolling one-year correlation barely moved, holding between 0.95 and 0.98.
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 VT: side by side
| SPY (SPDR S&P 500 ETF Trust) | VT (Vanguard Total World Stock ETF) | |
|---|---|---|
| 1-year return | +20.6% | +22.7% |
| 5-year return | +82.4% | +67.7% |
| Volatility (ann.) | 14.5% | 13.9% |
| Beta vs S&P 500 | 1.00 | 0.92 |
| Max drawdown (3Y) | -18.8% | -16.5% |
| Dividend yield | 1.01% | 1.59% |
| Expense ratio | 0.09% | 0.06% |
| Assets under management | $795.3B | $97.9B |
| Sector / category | ETF · US Large Cap | ETF · Global |
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. VT is a Global Large-Stock Blend fund from Vanguard: $97.9B under management, 5308 holdings, a 0.06% expense ratio, a 1.59% trailing dividend yield.
Portfolio overlap between SPY and VT
The two portfolios overlap heavily: 57.6% of the funds' weight sits in the same underlying holdings (500 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPY | Weight in VT |
|---|---|---|
| NVDA | 7.68% | 4.20% |
| AAPL | 6.96% | 4.00% |
| MSFT | 5.58% | 3.09% |
| AMZN | 3.85% | 2.36% |
| GOOGL | 3.03% | 1.89% |
| AVGO | 2.55% | 1.62% |
| GOOG | 2.42% | 1.49% |
| META | 1.91% | 1.10% |
| JPM | 1.44% | 0.84% |
| MU | 1.60% | 0.83% |
| LLY | 1.42% | 0.82% |
| TSLA | 1.47% | 0.81% |
| BRK.B | 1.40% | 0.75% |
| AMD | 1.19% | 0.69% |
| XOM | 0.99% | 0.58% |
Largest positions held only by SPY: VMRK (0.07%), ERIE (0.01%), PSKY (0.01%), 2602335D (0.00%). Only by VT: 2330 (1.61%), 005930 (0.72%), ASML (0.57%), 000660 (0.56%), 700 (0.34%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPY | VT |
|---|---|---|
| 2022 | -18.2% | -18.0% |
| 2023 | +26.2% | +22.0% |
| 2024 | +24.9% | +16.5% |
| 2025 | +17.7% | +22.4% |
| 2026 | +13.7% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VT good diversifiers for each other?
No: a correlation of 0.96 means SPY and VT tend to fall together, which is precisely when diversification is supposed to help. On top of that, 57.6% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between SPY and VT?
As of 2026-08-27, the correlation of weekly returns between SPY and VT is 0.96 over 3 years, 0.95 over 1 year and 0.97 over 5 years.
Is VT a good diversifier for SPY?
No: a correlation of 0.96 means SPY and VT tend to fall together, which is precisely when diversification is supposed to help. On top of that, 57.6% of their holdings are the same, making the doubling-up even more literal.
How much do SPY and VT overlap?
57.6% by weight, across 500 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: SPY correlations · VT correlations
