SPYV vs VOO: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.83, a very strong link. The two funds also share 59.5% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VOO?
Across a 3-year window, the weekly returns of SPYV and VOO correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Stretching to 5 years gives 0.89, with an annualized covariance of 145.6 %².
Within SPYV's tracked universe of 148 assets, VOO comes in at #21 by 3-year correlation. Their 12-month results are close: +18.5% for SPYV against +20.6% for VOO. The rolling one-year correlation moved between 0.62 and 0.96 over the past three years, a moderate range.
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 VOO: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +18.5% | +20.6% |
| 5-year return | +73.5% | +83.0% |
| Volatility (ann.) | 12.1% | 14.4% |
| Beta vs S&P 500 | 0.70 | 0.99 |
| Max drawdown (3Y) | -17.5% | -18.7% |
| Dividend yield | 1.69% | 1.07% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $36.2B | $1,686.9B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between SPYV and VOO
The two portfolios overlap heavily. Weighing the shared positions, 59.5% of the two funds is identical, spread across 434 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in VOO |
|---|---|---|
| AAPL | 7.58% | 7.05% |
| AMZN | 3.95% | 4.13% |
| TSLA | 1.22% | 1.36% |
| JPM | 1.01% | 1.47% |
| XOM | 2.16% | 1.00% |
| V | 0.94% | 0.93% |
| JNJ | 0.88% | 0.96% |
| WMT | 1.51% | 0.76% |
| ABBV | 0.83% | 0.69% |
| CSCO | 0.69% | 0.71% |
| INTC | 1.44% | 0.66% |
| COST | 1.40% | 0.66% |
| BAC | 1.34% | 0.63% |
| UNH | 1.20% | 0.58% |
| GE | 0.58% | 0.58% |
Largest positions held only by SPYV: VMRK (0.16%), FERG (0.08%), RDDT (0.03%), 2602335D (0.00%). Only by VOO: NVDA (7.56%), MSFT (5.37%), GOOGL (3.25%), AVGO (2.87%), GOOG (2.62%).
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 | VOO |
|---|---|---|
| 2022 | -5.3% | -18.2% |
| 2023 | +22.2% | +26.3% |
| 2024 | +12.2% | +25.0% |
| 2025 | +13.2% | +17.8% |
| 2026 | +12.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VOO good diversifiers for each other?
No: a correlation of 0.83 means SPYV and VOO tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (59.5% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between SPYV and VOO?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.76 over the last year and 0.89 over 5 years.
Is VOO a good diversifier for SPYV?
No: a correlation of 0.83 means SPYV and VOO tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (59.5% overlap), so the exposure is doubly redundant.
How much do SPYV and VOO overlap?
The two funds share 434 holdings amounting to 59.5% of weight, per issuer portfolio files dated 2026-08-26.
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