EEM vs SPYG: Correlation & Overlap
How closely do iShares MSCI Emerging Markets ETF (EEM) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong. Looking through to holdings, 0.0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEM and SPYG?
Over the past 3 years, EEM and SPYG moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 224.1 %².
Among the 67 assets we track against EEM, SPYG ranks #26 by 3-year correlation. The last year tells two different stories: EEM led by 15.7 percentage points, +38.1% for EEM against +22.4% for SPYG. The rolling one-year correlation stayed in a tight band between 0.51 and 0.74 over the past three years, which points to a structural rather than episodic relationship.
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.
EEM vs SPYG: side by side
| EEM (iShares MSCI Emerging Markets ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +38.1% | +22.4% |
| 5-year return | +47.1% | +85.9% |
| Volatility (ann.) | 18.0% | 18.9% |
| Beta vs S&P 500 | 0.85 | 1.25 |
| Max drawdown (3Y) | -17.3% | -22.1% |
| Dividend yield | 1.73% | 0.49% |
| Expense ratio | 0.72% | 0.04% |
| Assets under management | $29.2B | $52.2B |
| Sector / category | ETF · International | ETF · US Style |
EEM is a Diversified Emerging Mkts fund from iShares: $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between EEM and SPYG
The two portfolios are largely distinct, with 1 holdings in common adding up to 0.0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in EEM | Weight in SPYG |
|---|---|---|
| TEL | 0.01% | 0.12% |
Largest positions held only by EEM: 2330 (15.14%), 005930 (7.15%), 000660 (5.45%), 700 (2.83%), 9988 (2.02%). Only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 1 common positions shown.
Year-by-year returns
| Year | EEM | SPYG |
|---|---|---|
| 2022 | -20.6% | -29.4% |
| 2023 | +8.9% | +30.0% |
| 2024 | +6.5% | +36.0% |
| 2025 | +34.0% | +22.1% |
| 2026 | +24.2% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and SPYG good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EEM and SPYG?
As of 2026-08-27, the correlation of weekly returns between EEM and SPYG is 0.66 over 3 years, 0.69 over 1 year and 0.62 over 5 years.
Is SPYG a good diversifier for EEM?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do EEM and SPYG overlap?
0.0% by weight, across 1 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eem-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eem-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EEM correlations · SPYG correlations
