SPYV vs TROW: Correlation
SPDR Portfolio S&P 500 Value ETF (SPYV) and T. Rowe Price (TROW) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and TROW?
On 3 years of weekly data the SPYV/TROW correlation comes out at 0.68, strong. The past 12 months show a weaker link (0.34) than the 3-year average (0.68). The 5-year figure is 0.70, and annualized covariance runs at 193.9 %².
Among the 148 assets we track against SPYV, TROW ranks #47 by 3-year correlation. The trailing year gives SPYV the advantage: +18.5% versus +8.1%, a 10.4-point spread. The rolling one-year correlation moved between 0.37 and 0.83 over the past three years, a moderate range. One caveat on sizing: TROW is 1.9 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 TROW: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | TROW (T. Rowe Price) | |
|---|---|---|
| 1-year return | +18.5% | +8.1% |
| 5-year return | +73.5% | -37.0% |
| Volatility (ann.) | 12.1% | 23.5% |
| Beta vs S&P 500 | 0.70 | 1.10 |
| Max drawdown (3Y) | -17.5% | -34.0% |
| Market cap | – | $24.0B |
| P/E (trailing) | – | 11.3 |
| Dividend yield | 1.69% | 4.57% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | Financials |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | SPYV | TROW |
|---|---|---|
| 2022 | -5.3% | -42.2% |
| 2023 | +22.2% | +3.4% |
| 2024 | +12.2% | +9.7% |
| 2025 | +13.2% | -4.7% |
| 2026 | +12.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.08% of SPYV is TROW itself, so the fund partly moves with the stock by construction.
Are SPYV and TROW good diversifiers for each other?
Only partially. A correlation of 0.68 means SPYV and TROW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPYV and TROW?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.34 over the last year and 0.70 over 5 years.
Is TROW a good diversifier for SPYV?
Only partially. A correlation of 0.68 means SPYV and TROW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 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-trow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-trow/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · TROW correlations
