SPY vs VTOL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Bristow Group, Inc. (VTOL) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VTOL?
Across a 3-year window, the weekly returns of SPY and VTOL correlate at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.11) runs below the 3-year figure (0.38). Stretching to 5 years gives 0.43, with an annualized covariance of 208.5 %².
Among the 4755 assets we track against SPY, VTOL ranks #1405 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +21.5% for VTOL. Note the risk asymmetry: VTOL runs 2.6 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 VTOL: side by side
| SPY (SPDR S&P 500 ETF Trust) | VTOL (Bristow Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +21.5% |
| 5-year return | +82.4% | +49.4% |
| Volatility (ann.) | 14.5% | 38.0% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -18.8% | -35.3% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 1.01% | 0.55% |
| 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 | VTOL |
|---|---|---|
| 2022 | -18.2% | -14.3% |
| 2023 | +26.2% | +4.2% |
| 2024 | +24.9% | +21.3% |
| 2025 | +17.7% | +6.8% |
| 2026 | +13.7% | +26.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VTOL good diversifiers for each other?
Reasonably. At 0.38, SPY and VTOL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and VTOL?
The SPY/VTOL correlation stands at 0.38 on a 3-year window (1 year: 0.11, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is VTOL a good diversifier for SPY?
Reasonably. At 0.38, SPY and VTOL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vtol.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vtol/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · VTOL correlations
