SPY vs VZ: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Verizon (VZ) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VZ?
Across a 3-year window, the weekly returns of SPY and VZ correlate at 0.09, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.13) than the 3-year average (0.09). Stretching to 5 years gives 0.19, with an annualized covariance of 31.4 %².
Within SPY's tracked universe of 4755 assets, VZ comes in at #4183 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +19.3%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.12 to 0.51. Risk is not evenly split, since VZ carries 1.6 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 VZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | VZ (Verizon) | |
|---|---|---|
| 1-year return | +20.6% | +19.3% |
| 5-year return | +82.4% | +23.8% |
| Volatility (ann.) | 14.5% | 22.9% |
| Beta vs S&P 500 | 1.00 | 0.15 |
| Max drawdown (3Y) | -18.8% | -17.0% |
| Market cap | – | $205.4B |
| P/E (trailing) | – | 12.9 |
| Dividend yield | 1.01% | 5.57% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Communication Services |
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 | VZ |
|---|---|---|
| 2022 | -18.2% | -20.0% |
| 2023 | +26.2% | +2.7% |
| 2024 | +24.9% | +13.1% |
| 2025 | +17.7% | +8.9% |
| 2026 | +13.7% | +27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds VZ at a 0.32% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and VZ good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and VZ?
As of 2026-08-27, the correlation of weekly returns between SPY and VZ is 0.09 over 3 years, -0.13 over 1 year and 0.19 over 5 years.
Is VZ a good diversifier for SPY?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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-vz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VZ correlations
