EWJ vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.64, a strong link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and SPYV?
Over the past 3 years, EWJ and SPYV moved with a correlation of 0.64, which is strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 153.0 %².
Among the 70 assets we track against EWJ, SPYV ranks #34 by 3-year correlation. The trailing year gives EWJ the advantage: +27.1% versus +18.5%, a 8.6-point spread. On a rolling one-year basis the correlation drifted between 0.49 and 0.76, a moderate band. Risk is not evenly split, since EWJ carries 1.6 times the volatility of the other side.
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 SPYV: side by side
| EWJ (iShares MSCI Japan ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +27.1% | +18.5% |
| 5-year return | +58.6% | +73.5% |
| Volatility (ann.) | 19.6% | 12.1% |
| Beta vs S&P 500 | 0.94 | 0.70 |
| Max drawdown (3Y) | -14.7% | -17.5% |
| Dividend yield | 3.86% | 1.69% |
| Expense ratio | 0.49% | 0.04% |
| Assets under management | $21.8B | $36.2B |
| Sector / category | ETF · International | ETF · US Style |
EWJ is a Japan Stock fund from iShares: $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% 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 EWJ and SPYV
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). 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.
Year-by-year returns
| Year | EWJ | SPYV |
|---|---|---|
| 2022 | -17.7% | -5.3% |
| 2023 | +20.3% | +22.2% |
| 2024 | +7.0% | +12.2% |
| 2025 | +25.8% | +13.2% |
| 2026 | +19.3% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and SPYV 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 EWJ and SPYV?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.63 over the last year and 0.65 over 5 years.
Is SPYV a good diversifier for EWJ?
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 EWJ and SPYV 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWJ correlations · SPYV correlations
