EEM vs SPYV: Correlation & Overlap
iShares MSCI Emerging Markets ETF (EEM) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.57. Looking through to holdings, 0.1% 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 SPYV?
Over the past 3 years, EEM and SPYV moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 124.2 %².
By 3-year correlation, SPYV places #41 of the 67 assets tracked against EEM. Their recent paths diverged sharply: over the last 12 months EEM outperformed by 19.6 percentage points (+38.1% for EEM against +18.5% for SPYV). The rolling one-year correlation moved between 0.38 and 0.79 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.
EEM vs SPYV: side by side
| EEM (iShares MSCI Emerging Markets ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +38.1% | +18.5% |
| 5-year return | +47.1% | +73.5% |
| Volatility (ann.) | 18.0% | 12.1% |
| Beta vs S&P 500 | 0.85 | 0.70 |
| Max drawdown (3Y) | -17.3% | -17.5% |
| Dividend yield | 1.73% | 1.69% |
| Expense ratio | 0.72% | 0.04% |
| Assets under management | $29.2B | $36.2B |
| 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. 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.
Portfolio overlap between EEM and SPYV
The two portfolios are largely distinct: 0.1% of the funds' weight sits in the same underlying holdings (3 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by EEM: 2330 (15.14%), 005930 (7.15%), 000660 (5.45%), 700 (2.83%), 9988 (2.02%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | EEM | SPYV |
|---|---|---|
| 2022 | -20.6% | -5.3% |
| 2023 | +8.9% | +22.2% |
| 2024 | +6.5% | +12.2% |
| 2025 | +34.0% | +13.2% |
| 2026 | +24.2% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and SPYV good diversifiers for each other?
To a limited degree. At 0.57 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 SPYV?
As of 2026-08-27, the correlation of weekly returns between EEM and SPYV is 0.57 over 3 years, 0.54 over 1 year and 0.57 over 5 years.
Is SPYV a good diversifier for EEM?
To a limited degree. At 0.57 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 SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.1% by weight over 3 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eem-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eem-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EEM correlations · SPYV correlations
