SPYV vs VOYA: Correlation
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Voya Financial, Inc. (VOYA) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VOYA?
On 3 years of weekly data the SPYV/VOYA correlation comes out at 0.64, strong. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.64). The 5-year figure is 0.67, and annualized covariance runs at 194.2 %².
By 3-year correlation, VOYA places #62 of the 148 assets tracked against SPYV. Correlation aside, the last 12 months split them widely, with VOYA ahead by 18.2 points (+18.5% versus +36.7%). Note the risk asymmetry: VOYA runs 2.1 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 VOYA: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VOYA (Voya Financial, Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +36.7% |
| 5-year return | +73.5% | +72.0% |
| Volatility (ann.) | 12.1% | 25.1% |
| Beta vs S&P 500 | 0.70 | 0.90 |
| Max drawdown (3Y) | -17.5% | -34.6% |
| Market cap | – | $9.2B |
| P/E (trailing) | – | 17.1 |
| Dividend yield | 1.69% | 1.83% |
| 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 | VOYA |
|---|---|---|
| 2022 | -5.3% | -6.1% |
| 2023 | +22.2% | +20.7% |
| 2024 | +12.2% | -3.4% |
| 2025 | +13.2% | +11.1% |
| 2026 | +12.7% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VOYA good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPYV and VOYA?
The SPYV/VOYA correlation stands at 0.64 on a 3-year window (1 year: 0.30, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is VOYA a good diversifier for SPYV?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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-voya.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-voya/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · VOYA correlations
