SPYV vs VREX: Correlation
SPDR Portfolio S&P 500 Value ETF (SPYV) and Varex Imaging Corporation (VREX) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VREX?
Across a 3-year window, the weekly returns of SPYV and VREX correlate at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 386.8 %².
By 3-year correlation, VREX places #108 of the 148 assets tracked against SPYV. Correlation aside, the last 12 months split them widely, with VREX ahead by 43.0 points (+18.5% versus +61.5%). Note the risk asymmetry: VREX runs 4.9 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 VREX: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VREX (Varex Imaging Corporation) | |
|---|---|---|
| 1-year return | +18.5% | +61.5% |
| 5-year return | +73.5% | -36.0% |
| Volatility (ann.) | 12.1% | 58.7% |
| Beta vs S&P 500 | 0.70 | 1.91 |
| Max drawdown (3Y) | -17.5% | -67.8% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 34.9 |
| Dividend yield | 1.69% | 0.00% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | US Listed |
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.
Year-by-year returns
| Year | SPYV | VREX |
|---|---|---|
| 2022 | -5.3% | -35.7% |
| 2023 | +22.2% | +1.0% |
| 2024 | +12.2% | -28.8% |
| 2025 | +13.2% | -20.2% |
| 2026 | +12.7% | +58.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VREX good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPYV and VREX?
The SPYV/VREX correlation stands at 0.54 on a 3-year window (1 year: 0.46, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is VREX a good diversifier for SPYV?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-vrex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spyv-vs-vrex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · VREX correlations
