SPYV vs SYK: Correlation
SPDR Portfolio S&P 500 Value ETF (SPYV) and Stryker Corporation (SYK) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and SYK?
Over the past 3 years, SPYV and SYK moved with a correlation of 0.47, which is moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.47). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 123.4 %².
Among the 148 assets we track against SPYV, SYK ranks #128 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPYV outperformed by 35.7 percentage points (+18.5% for SPYV against -17.2% for SYK). The rolling one-year correlation moved between 0.30 and 0.71 over the past three years, a moderate range. One caveat on sizing: SYK is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SPYV vs SYK: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | SYK (Stryker Corporation) | |
|---|---|---|
| 1-year return | +18.5% | -17.2% |
| 5-year return | +73.5% | +23.8% |
| Volatility (ann.) | 12.1% | 21.5% |
| Beta vs S&P 500 | 0.70 | 0.61 |
| Max drawdown (3Y) | -17.5% | -29.4% |
| Market cap | – | $123.6B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 1.69% | 1.06% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | Health Care |
SPYV is a Large Value fund from State Street Investment Management: $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | SPYV | SYK |
|---|---|---|
| 2022 | -5.3% | -7.4% |
| 2023 | +22.2% | +23.8% |
| 2024 | +12.2% | +21.3% |
| 2025 | +13.2% | -1.5% |
| 2026 | +12.7% | -7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SYK represents 0.22% of SPYV's portfolio, so part of any move in SPYV is SYK itself, and the correlation between them is partly mechanical.
Are SPYV and SYK good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPYV and SYK?
The SPYV/SYK correlation stands at 0.47 on a 3-year window (1 year: 0.31, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is SYK a good diversifier for SPYV?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-syk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spyv-vs-syk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · SYK correlations
