SPYV vs VNQ: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong. The two funds also share 3.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VNQ?
Over the past 3 years, SPYV and VNQ moved with a correlation of 0.72, which is strong. The past 12 months show a weaker link (0.60) than the 3-year average (0.72). Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 144.3 %².
Among the 148 assets we track against SPYV, VNQ ranks #37 by 3-year correlation. The trailing year gives SPYV the advantage: +18.5% versus +10.3%, a 8.2-point spread. On a rolling one-year basis the correlation drifted between 0.60 and 0.91, a moderate band.
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 VNQ: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +18.5% | +10.3% |
| 5-year return | +73.5% | +9.5% |
| Volatility (ann.) | 12.1% | 16.6% |
| Beta vs S&P 500 | 0.70 | 0.59 |
| Max drawdown (3Y) | -17.5% | -17.5% |
| Dividend yield | 1.69% | 3.51% |
| Expense ratio | 0.04% | 0.13% |
| Assets under management | $36.2B | $73.1B |
| Sector / category | ETF · US Style | ETF · Real Estate |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Portfolio overlap between SPYV and VNQ
The two portfolios are largely distinct. Weighing the shared positions, 3.1% of the two funds is identical, spread across 28 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in VNQ |
|---|---|---|
| PLD | 0.45% | 7.04% |
| EQIX | 0.35% | 5.25% |
| AMT | 0.27% | 4.22% |
| DLR | 0.22% | 3.38% |
| O | 0.19% | 3.08% |
| PSA | 0.18% | 2.84% |
| CBRE | 0.15% | 2.26% |
| SPG | 0.14% | 3.89% |
| IRM | 0.12% | 1.90% |
| CCI | 0.11% | 1.74% |
| EXR | 0.10% | 1.63% |
| VICI | 0.09% | 1.38% |
| VTR | 0.07% | 2.32% |
| SBAC | 0.06% | 1.00% |
| ESS | 0.06% | 0.96% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by VNQ: VRTPX (14.54%), WELL (8.54%), AVB (1.35%), EQR (1.17%), JLL (0.87%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPYV | VNQ |
|---|---|---|
| 2022 | -5.3% | -26.3% |
| 2023 | +22.2% | +11.9% |
| 2024 | +12.2% | +4.8% |
| 2025 | +13.2% | +3.2% |
| 2026 | +12.7% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VNQ good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPYV and VNQ?
The SPYV/VNQ correlation stands at 0.72 on a 3-year window (1 year: 0.60, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for SPYV?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do SPYV and VNQ overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 3.1% by weight over 28 common positions.
Use this data
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Hubs: SPYV correlations · VNQ correlations
