SPY vs VTEX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and VTEX Class A (VTEX) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VTEX?
On 3 years of weekly data the SPY/VTEX correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.16) sits close to the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 140.4 %².
By 3-year correlation, VTEX places #3089 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 33.0 percentage points (+20.6% for SPY against -12.4% for VTEX). One caveat on sizing: VTEX 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 VTEX: side by side
| SPY (SPDR S&P 500 ETF Trust) | VTEX (VTEX Class A) | |
|---|---|---|
| 1-year return | +20.6% | -12.4% |
| 5-year return | +82.4% | -86.1% |
| Volatility (ann.) | 14.5% | 44.3% |
| Beta vs S&P 500 | 1.00 | 0.67 |
| Max drawdown (3Y) | -18.8% | -69.5% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 22.1 |
| 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 | VTEX |
|---|---|---|
| 2022 | -18.2% | -65.0% |
| 2023 | +26.2% | +83.5% |
| 2024 | +24.9% | -14.4% |
| 2025 | +17.7% | -36.2% |
| 2026 | +13.7% | -6.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VTEX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VTEX?
The SPY/VTEX correlation stands at 0.22 on a 3-year window (1 year: 0.16, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is VTEX a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vtex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vtex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VTEX correlations
