EFA vs SPYG: Correlation & Overlap
iShares MSCI EAFE ETF (EFA) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a strong relationship: their 3-year correlation of weekly returns is 0.64. The two funds also share 0.3% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and SPYG?
Over the past 3 years, EFA and SPYG moved with a correlation of 0.64, which is strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.64 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 180.8 %².
Within EFA's tracked universe of 109 assets, SPYG comes in at #51 by 3-year correlation. Their 12-month results are close: +21.9% for EFA against +22.4% for SPYG. Across three years, the rolling one-year figure varied moderately, from 0.51 to 0.80.
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.
EFA vs SPYG: side by side
| EFA (iShares MSCI EAFE ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +21.9% | +22.4% |
| 5-year return | +56.7% | +85.9% |
| Volatility (ann.) | 14.9% | 18.9% |
| Beta vs S&P 500 | 0.77 | 1.25 |
| Max drawdown (3Y) | -14.1% | -22.1% |
| Dividend yield | 3.19% | 0.49% |
| Expense ratio | 0.32% | 0.04% |
| Assets under management | $78.0B | $52.2B |
| Sector / category | ETF · International | ETF · US Style |
EFA, iShares's Foreign Large Blend fund, carries $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% 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 EFA and SPYG
The two portfolios are largely distinct. Weighing the shared positions, 0.3% of the two funds is identical, spread across 3 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by EFA: ASML (2.99%), HSBA (1.57%), ROP (1.42%), SAN (1.38%), NOVN (1.28%). 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 3 common positions shown.
Year-by-year returns
| Year | EFA | SPYG |
|---|---|---|
| 2022 | -14.4% | -29.4% |
| 2023 | +18.4% | +30.0% |
| 2024 | +3.5% | +36.0% |
| 2025 | +31.5% | +22.1% |
| 2026 | +14.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and SPYG good diversifiers for each other?
To a limited degree. At 0.64 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 EFA and SPYG?
As of 2026-08-27, the correlation of weekly returns between EFA and SPYG is 0.64 over 3 years, 0.60 over 1 year and 0.71 over 5 years.
Is SPYG a good diversifier for EFA?
To a limited degree. At 0.64 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 EFA and SPYG overlap?
0.3% by weight, across 3 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · SPYG correlations
