SPY vs VTV: Correlation & Overlap
SPDR S&P 500 ETF Trust (SPY) and Vanguard Value ETF (VTV) show a strong relationship: their 3-year correlation of weekly returns is 0.79. By holdings, the two funds overlap 43.7% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VTV?
On 3 years of weekly data the SPY/VTV correlation comes out at 0.79, strong. The link has loosened recently: the 1-year correlation (0.58) runs below the 3-year figure (0.79). The 5-year figure is 0.85, and annualized covariance runs at 136.5 %².
Among the 4755 assets we track against SPY, VTV ranks #55 by 3-year correlation. Over the last 12 months VTV came out ahead by 5.1 percentage points (+20.6% against +25.7%). On a rolling one-year basis the correlation drifted between 0.57 and 0.92, a moderate band.
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 VTV: side by side
| SPY (SPDR S&P 500 ETF Trust) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +20.6% | +25.7% |
| 5-year return | +82.4% | +79.1% |
| Volatility (ann.) | 14.5% | 11.9% |
| Beta vs S&P 500 | 1.00 | 0.65 |
| Max drawdown (3Y) | -18.8% | -14.5% |
| Dividend yield | 1.01% | 1.86% |
| Expense ratio | 0.09% | 0.03% |
| Assets under management | $795.3B | $256.4B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between SPY and VTV
The two portfolios overlap heavily: 43.7% of the funds' weight sits in the same underlying holdings (294 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPY | Weight in VTV |
|---|---|---|
| MU | 1.60% | 3.46% |
| JPM | 1.44% | 3.51% |
| BRK.B | 1.40% | 2.99% |
| XOM | 0.99% | 2.40% |
| JNJ | 0.98% | 2.30% |
| ABBV | 0.70% | 1.65% |
| WMT | 0.69% | 1.82% |
| CSCO | 0.67% | 1.53% |
| INTC | 0.66% | 0.68% |
| BAC | 0.61% | 1.47% |
| CAT | 0.57% | 1.40% |
| MRK | 0.57% | 1.20% |
| CVX | 0.57% | 1.39% |
| GE | 0.56% | 0.70% |
| UNH | 0.55% | 1.40% |
Largest positions held only by SPY: NVDA (7.68%), AAPL (6.96%), MSFT (5.58%), AMZN (3.85%), GOOGL (3.03%). Only by VTV: BRK.A (0.54%), LNG (0.21%), EA (0.20%), MSTR (0.12%), AVB (0.10%).
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 | VTV |
|---|---|---|
| 2022 | -18.2% | -2.1% |
| 2023 | +26.2% | +9.3% |
| 2024 | +24.9% | +16.0% |
| 2025 | +17.7% | +15.3% |
| 2026 | +13.7% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VTV good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and VTV?
As of 2026-08-27, the correlation of weekly returns between SPY and VTV is 0.79 over 3 years, 0.58 over 1 year and 0.85 over 5 years.
Is VTV a good diversifier for SPY?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do SPY and VTV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 43.7% by weight over 294 common positions.
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Hubs: SPY correlations · VTV correlations
