SPY vs VTN: Correlation
SPDR S&P 500 ETF Trust (SPY) and Invesco Trust for Investment Grade New York Municipals (VTN) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VTN?
On 3 years of weekly data the SPY/VTN correlation comes out at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 67.8 %².
Among the 4755 assets we track against SPY, VTN ranks #1921 by 3-year correlation. Over the last 12 months SPY came out ahead by 5.9 percentage points (+20.6% against +14.7%).
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 VTN: side by side
| SPY (SPDR S&P 500 ETF Trust) | VTN (Invesco Trust for Investment Grade New York Municipals) | |
|---|---|---|
| 1-year return | +20.6% | +14.7% |
| 5-year return | +82.4% | +4.2% |
| Volatility (ann.) | 14.5% | 14.2% |
| Beta vs S&P 500 | 1.00 | 0.32 |
| Max drawdown (3Y) | -18.8% | -14.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 35.8 |
| Dividend yield | 1.01% | 7.62% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VTN |
|---|---|---|
| 2022 | -18.2% | -21.1% |
| 2023 | +26.2% | +7.3% |
| 2024 | +24.9% | +6.8% |
| 2025 | +17.7% | +18.9% |
| 2026 | +13.7% | -1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VTN good diversifiers for each other?
Reasonably. At 0.33, SPY and VTN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VTN?
As of 2026-08-27, the correlation of weekly returns between SPY and VTN is 0.33 over 3 years, 0.41 over 1 year and 0.42 over 5 years.
Is VTN a good diversifier for SPY?
Reasonably. At 0.33, SPY and VTN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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-vtn.json
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Related comparisons
Hubs: SPY correlations · VTN correlations
