EFA vs SPYV: Correlation & Overlap
iShares MSCI EAFE ETF (EFA) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a strong relationship: their 3-year correlation of weekly returns is 0.76. Looking through to holdings, 1.5% 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 EFA and SPYV?
Across a 3-year window, the weekly returns of EFA and SPYV correlate at 0.76, strong. Recent behaviour matches the longer record: 0.79 over 1 year against 0.76 over 3. Stretching to 5 years gives 0.79, with an annualized covariance of 138.5 %².
By 3-year correlation, SPYV places #21 of the 109 assets tracked against EFA. Twelve-month performance is nearly a tie, at +21.9% for EFA and +18.5% for SPYV. On a rolling one-year basis the correlation drifted between 0.59 and 0.88, a moderate band.
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 SPYV: side by side
| EFA (iShares MSCI EAFE ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +21.9% | +18.5% |
| 5-year return | +56.7% | +73.5% |
| Volatility (ann.) | 14.9% | 12.1% |
| Beta vs S&P 500 | 0.77 | 0.70 |
| Max drawdown (3Y) | -14.1% | -17.5% |
| Dividend yield | 3.19% | 1.69% |
| Expense ratio | 0.32% | 0.04% |
| Assets under management | $78.0B | $36.2B |
| Sector / category | ETF · International | ETF · US Style |
On the fund side, EFA sits in the Foreign Large Blend category at iShares, with $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% 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 EFA and SPYV
The two portfolios are largely distinct, with 17 holdings in common adding up to 1.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in EFA | Weight in SPYV |
|---|---|---|
| BA | 0.37% | 0.31% |
| PRU | 0.16% | 0.14% |
| ROP | 1.42% | 0.14% |
| ALL | 0.11% | 0.22% |
| DTE | 0.51% | 0.09% |
| MRK | 0.09% | 1.25% |
| HBAN | 0.09% | 0.11% |
| DG | 0.29% | 0.09% |
| EL | 0.25% | 0.09% |
| EQT | 0.07% | 0.11% |
| TSCO | 0.18% | 0.06% |
| ADM | 0.06% | 0.13% |
| BG | 0.07% | 0.05% |
| APA | 0.05% | 0.05% |
| TEL | 0.04% | 0.06% |
Largest positions held only by EFA: ASML (2.99%), HSBA (1.57%), SAN (1.38%), NOVN (1.28%), SHEL (1.14%). 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 15 common positions shown.
Year-by-year returns
| Year | EFA | SPYV |
|---|---|---|
| 2022 | -14.4% | -5.3% |
| 2023 | +18.4% | +22.2% |
| 2024 | +3.5% | +12.2% |
| 2025 | +31.5% | +13.2% |
| 2026 | +14.3% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and SPYV good diversifiers for each other?
Only partially. A correlation of 0.76 means EFA and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EFA and SPYV?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.79 over the last year and 0.79 over 5 years.
Is SPYV a good diversifier for EFA?
Only partially. A correlation of 0.76 means EFA and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EFA and SPYV overlap?
1.5% by weight, across 17 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/efa-vs-spyv/)
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Related comparisons
Hubs: EFA correlations · SPYV correlations
