SPY vs VTRS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Viatris (VTRS) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VTRS?
On 3 years of weekly data the SPY/VTRS correlation comes out at 0.35, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.35). The 5-year figure is 0.40, and annualized covariance runs at 164.1 %².
By 3-year correlation, VTRS places #1714 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months VTRS outperformed by 47.2 percentage points (+20.6% for SPY against +67.8% for VTRS). The relationship is regime-dependent: the rolling one-year correlation swung between 0.04 and 0.57 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: VTRS runs 2.3 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 VTRS: side by side
| SPY (SPDR S&P 500 ETF Trust) | VTRS (Viatris) | |
|---|---|---|
| 1-year return | +20.6% | +67.8% |
| 5-year return | +82.4% | +44.6% |
| Volatility (ann.) | 14.5% | 32.8% |
| Beta vs S&P 500 | 1.00 | 0.79 |
| Max drawdown (3Y) | -18.8% | -45.0% |
| Market cap | – | $19.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 2.85% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | VTRS |
|---|---|---|
| 2022 | -18.2% | -14.3% |
| 2023 | +26.2% | +2.1% |
| 2024 | +24.9% | +19.7% |
| 2025 | +17.7% | +5.1% |
| 2026 | +13.7% | +38.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VTRS good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VTRS?
The SPY/VTRS correlation stands at 0.35 on a 3-year window (1 year: 0.21, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is VTRS a good diversifier for SPY?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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-vtrs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-vtrs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · VTRS correlations
