SPYV vs VTV: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard Value ETF (VTV) trade together? Their weekly returns over three years give a correlation of 0.96, which is very strong. By holdings, the two funds overlap 68.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VTV?
Across a 3-year window, the weekly returns of SPYV and VTV correlate at 0.96, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.88) sits close to the 3-year figure. Stretching to 5 years gives 0.97, with an annualized covariance of 138.3 %².
In SPYV's tracked universe of 148 assets, VTV sits right near the top at #3. Over the last 12 months VTV came out ahead by 7.2 percentage points (+18.5% against +25.7%). Stability stands out here, with the rolling one-year correlation confined to 0.88 through 0.98.
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 VTV: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +18.5% | +25.7% |
| 5-year return | +73.5% | +79.1% |
| Volatility (ann.) | 12.1% | 11.9% |
| Beta vs S&P 500 | 0.70 | 0.65 |
| Max drawdown (3Y) | -17.5% | -14.5% |
| Dividend yield | 1.69% | 1.86% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $36.2B | $256.4B |
| Sector / category | ETF · US Style | ETF · US Style |
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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between SPYV and VTV
The two portfolios overlap heavily, with 281 holdings in common adding up to 68.3% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYV | Weight in VTV |
|---|---|---|
| XOM | 2.16% | 2.40% |
| WMT | 1.51% | 1.82% |
| BAC | 1.34% | 1.47% |
| CVX | 1.23% | 1.39% |
| UNH | 1.20% | 1.40% |
| MRK | 1.25% | 1.20% |
| PG | 1.11% | 1.25% |
| HD | 1.10% | 1.23% |
| JPM | 1.01% | 3.51% |
| JNJ | 0.88% | 2.30% |
| WFC | 0.86% | 0.99% |
| ABBV | 0.83% | 1.65% |
| TMO | 0.78% | 0.80% |
| C | 0.75% | 0.82% |
| LIN | 0.75% | 0.82% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), COST (1.40%), TSLA (1.22%), V (0.94%). Only by VTV: MU (3.46%), BRK.B (2.99%), CAT (1.40%), RTX (1.08%), BRK.A (0.54%).
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 | VTV |
|---|---|---|
| 2022 | -5.3% | -2.1% |
| 2023 | +22.2% | +9.3% |
| 2024 | +12.2% | +16.0% |
| 2025 | +13.2% | +15.3% |
| 2026 | +12.7% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VTV good diversifiers for each other?
No: a correlation of 0.96 means SPYV and VTV tend to fall together, which is precisely when diversification is supposed to help. The 68.3% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between SPYV and VTV?
Using weekly returns as of 2026-08-27: 0.96 over 3 years, with 0.88 over the last year and 0.97 over 5 years.
Is VTV a good diversifier for SPYV?
No: a correlation of 0.96 means SPYV and VTV tend to fall together, which is precisely when diversification is supposed to help. The 68.3% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do SPYV and VTV overlap?
The two funds share 281 holdings amounting to 68.3% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: SPYV correlations · VTV correlations
