SPYV vs VELO: Correlation
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Velo3D, Inc. (VELO) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VELO?
On 3 years of weekly data the SPYV/VELO correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.15) than the 3-year average (-0.17). The 5-year figure is -0.02, and annualized covariance runs at -511.6 %².
Among the 148 assets we track against SPYV, VELO sits near the bottom by co-movement, at rank #144. Their recent paths diverged sharply: over the last 12 months VELO outperformed by 163.4 percentage points (+18.5% for SPYV against +181.9% for VELO). Note the risk asymmetry: VELO runs 20.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VELO: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +181.9% |
| 5-year return | +73.5% | -99.8% |
| Volatility (ann.) | 12.1% | 249.0% |
| Beta vs S&P 500 | 0.70 | -2.66 |
| Max drawdown (3Y) | -17.5% | -99.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.69% | 0.00% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | US Listed |
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 | VELO |
|---|---|---|
| 2022 | -5.3% | -77.1% |
| 2023 | +22.2% | -77.8% |
| 2024 | +12.2% | -95.2% |
| 2025 | +13.2% | +35.7% |
| 2026 | +12.7% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VELO good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPYV and VELO?
As of 2026-08-27, the correlation of weekly returns between SPYV and VELO is -0.17 over 3 years, 0.15 over 1 year and -0.02 over 5 years.
Is VELO a good diversifier for SPYV?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/spyv-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · VELO correlations
