EWJ vs SPYG: Correlation & Overlap
iShares MSCI Japan ETF (EWJ) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a strong relationship: their 3-year correlation of weekly returns is 0.63. Looking through to holdings, 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 EWJ and SPYG?
Over the past 3 years, EWJ and SPYG moved with a correlation of 0.63, which is strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 234.6 %².
Among the 70 assets we track against EWJ, SPYG ranks #36 by 3-year correlation. Twelve-month performance is nearly a tie, at +27.1% for EWJ and +22.4% for SPYG. Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.77.
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.
EWJ vs SPYG: side by side
| EWJ (iShares MSCI Japan ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +27.1% | +22.4% |
| 5-year return | +58.6% | +85.9% |
| Volatility (ann.) | 19.6% | 18.9% |
| Beta vs S&P 500 | 0.94 | 1.25 |
| Max drawdown (3Y) | -14.7% | -22.1% |
| Dividend yield | 3.86% | 0.49% |
| Expense ratio | 0.49% | 0.04% |
| Assets under management | $21.8B | $52.2B |
| Sector / category | ETF · International | ETF · US Style |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% 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 EWJ and SPYG
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). 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.
Year-by-year returns
| Year | EWJ | SPYG |
|---|---|---|
| 2022 | -17.7% | -29.4% |
| 2023 | +20.3% | +30.0% |
| 2024 | +7.0% | +36.0% |
| 2025 | +25.8% | +22.1% |
| 2026 | +19.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and SPYG good diversifiers for each other?
Only partially. A correlation of 0.63 means EWJ and SPYG 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 EWJ and SPYG?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.57 over the last year and 0.67 over 5 years.
Is SPYG a good diversifier for EWJ?
Only partially. A correlation of 0.63 means EWJ and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EWJ and SPYG overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · SPYG correlations
