SPY vs VTI: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vanguard Total Stock Market ETF (VTI) carry a correlation of 1.00, a very strong link. By holdings, the two funds overlap 88.6% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VTI?
On 3 years of weekly data the SPY/VTI correlation comes out at 1.00, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.99 lands near the 3-year figure. The 5-year figure is 1.00, and annualized covariance runs at 210.4 %².
Few assets follow SPY as closely as VTI, which ranks #3 of 4755 tracked partners. Twelve-month performance is nearly a tie, at +20.6% for SPY and +20.7% for VTI. The link looks structural: the rolling one-year correlation barely moved, holding between 0.99 and 1.00.
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 VTI: side by side
| SPY (SPDR S&P 500 ETF Trust) | VTI (Vanguard Total Stock Market ETF) | |
|---|---|---|
| 1-year return | +20.6% | +20.7% |
| 5-year return | +82.4% | +74.8% |
| Volatility (ann.) | 14.5% | 14.6% |
| Beta vs S&P 500 | 1.00 | 1.01 |
| Max drawdown (3Y) | -18.8% | -19.3% |
| Dividend yield | 1.01% | 1.06% |
| Expense ratio | 0.09% | 0.03% |
| Assets under management | $795.3B | $2,290.0B |
| Sector / category | ETF · US Large Cap | ETF · US Large Cap |
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. VTI, Vanguard's Large Blend fund, carries $2,290.0B under management, 3140 holdings, a 0.03% expense ratio, a 1.06% trailing dividend yield.
Portfolio overlap between SPY and VTI
The two portfolios are near-duplicates, with 500 holdings in common adding up to 88.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPY | Weight in VTI |
|---|---|---|
| NVDA | 7.68% | 6.42% |
| AAPL | 6.96% | 6.31% |
| MSFT | 5.58% | 4.80% |
| AMZN | 3.85% | 3.66% |
| GOOGL | 3.03% | 2.91% |
| AVGO | 2.55% | 2.56% |
| GOOG | 2.42% | 2.32% |
| META | 1.91% | 1.70% |
| LLY | 1.42% | 1.36% |
| JPM | 1.44% | 1.31% |
| MU | 1.60% | 1.29% |
| BRK.B | 1.40% | 1.28% |
| TSLA | 1.47% | 1.22% |
| AMD | 1.19% | 1.08% |
| XOM | 0.99% | 0.90% |
Largest positions held only by SPY: NXPI (0.09%), VMRK (0.07%), AMCR (0.03%), 2602335D (0.00%). Only by VTI: SNOW (0.13%), NET (0.12%), SPCX (0.09%), BE (0.08%), LNG (0.08%).
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 | VTI |
|---|---|---|
| 2022 | -18.2% | -19.5% |
| 2023 | +26.2% | +26.0% |
| 2024 | +24.9% | +23.8% |
| 2025 | +17.7% | +17.1% |
| 2026 | +13.7% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VTI good diversifiers for each other?
No: a correlation of 1.00 means SPY and VTI tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (88.6% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between SPY and VTI?
The SPY/VTI correlation stands at 1.00 on a 3-year window (1 year: 0.99, 5 years: 1.00), computed from weekly returns as of 2026-08-27.
Is VTI a good diversifier for SPY?
No: a correlation of 1.00 means SPY and VTI tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (88.6% overlap), so the exposure is doubly redundant.
How much do SPY and VTI overlap?
The two funds share 500 holdings amounting to 88.6% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: SPY correlations · VTI correlations
