SPY vs VVX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and V2X, Inc. (VVX) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VVX?
Across a 3-year window, the weekly returns of SPY and VVX correlate at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.33, with an annualized covariance of 203.8 %².
Among the 4755 assets we track against SPY, VVX ranks #2018 by 3-year correlation. The trailing year gives VVX the advantage: +20.6% versus +34.3%, a 13.7-point spread. Risk is not evenly split, since VVX carries 3.0 times the volatility of the other side.
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 VVX: side by side
| SPY (SPDR S&P 500 ETF Trust) | VVX (V2X, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +34.3% |
| 5-year return | +82.4% | +58.1% |
| Volatility (ann.) | 14.5% | 43.9% |
| Beta vs S&P 500 | 1.00 | 0.98 |
| Max drawdown (3Y) | -18.8% | -38.9% |
| Market cap | – | $2.5B |
| P/E (trailing) | – | 26.9 |
| Dividend yield | 1.01% | 0.00% |
| 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 | VVX |
|---|---|---|
| 2022 | -18.2% | -9.8% |
| 2023 | +26.2% | +12.5% |
| 2024 | +24.9% | +3.0% |
| 2025 | +17.7% | +14.0% |
| 2026 | +13.7% | +43.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VVX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VVX?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.26 over the last year and 0.33 over 5 years.
Is VVX a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · VVX correlations
