SPYV vs V: Correlation
SPDR Portfolio S&P 500 Value ETF (SPYV) and Visa Inc. (V) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and V?
On 3 years of weekly data the SPYV/V correlation comes out at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. The 5-year figure is 0.64, and annualized covariance runs at 136.6 %².
Within SPYV's tracked universe of 148 assets, V comes in at #82 by 3-year correlation. Over the last 12 months SPYV came out ahead by 9.3 percentage points (+18.5% against +9.2%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.80 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: V is 1.6 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 V: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | V (Visa Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +9.2% |
| 5-year return | +73.5% | +70.5% |
| Volatility (ann.) | 12.1% | 19.1% |
| Beta vs S&P 500 | 0.70 | 0.72 |
| Max drawdown (3Y) | -17.5% | -20.4% |
| Market cap | – | $708.8B |
| P/E (trailing) | – | 32.7 |
| Dividend yield | 1.69% | 0.70% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | Financials |
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 | V |
|---|---|---|
| 2022 | -5.3% | -3.4% |
| 2023 | +22.2% | +26.3% |
| 2024 | +12.2% | +22.3% |
| 2025 | +13.2% | +11.8% |
| 2026 | +12.7% | +8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.94% of SPYV is V itself, so the fund partly moves with the stock by construction.
Are SPYV and V good diversifiers for each other?
Only partially. A correlation of 0.59 means SPYV and V 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 V?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.50 over the last year and 0.64 over 5 years.
Is V a good diversifier for SPYV?
Only partially. A correlation of 0.59 means SPYV and V share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 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: SPYV correlations · V correlations
