IEFA vs SPYG: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Core MSCI EAFE ETF (IEFA) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.64, a strong link. 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 IEFA and SPYG?
On 3 years of weekly data the IEFA/SPYG correlation comes out at 0.64, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 181.9 %².
Within IEFA's tracked universe of 111 assets, SPYG comes in at #52 by 3-year correlation. Their 12-month results are close: +21.8% for IEFA against +22.4% for SPYG. Across three years, the rolling one-year figure varied moderately, from 0.51 to 0.81.
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.
IEFA vs SPYG: side by side
| IEFA (iShares Core MSCI EAFE ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +21.8% | +22.4% |
| 5-year return | +54.5% | +85.9% |
| Volatility (ann.) | 15.0% | 18.9% |
| Beta vs S&P 500 | 0.77 | 1.25 |
| Max drawdown (3Y) | -13.8% | -22.1% |
| Dividend yield | 3.35% | 0.49% |
| Expense ratio | 0.07% | 0.04% |
| Assets under management | $190.1B | $52.2B |
| Sector / category | ETF · International | ETF · US Style |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% 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 IEFA and SPYG
The two portfolios are largely distinct, with 3 holdings in common adding up to 0.3% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by IEFA: ASML (2.57%), HSBA (1.35%), ROP (1.22%), SAN (1.17%), NOVN (1.10%). 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 | IEFA | SPYG |
|---|---|---|
| 2022 | -15.2% | -29.4% |
| 2023 | +18.0% | +30.0% |
| 2024 | +3.3% | +36.0% |
| 2025 | +32.1% | +22.1% |
| 2026 | +14.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and SPYG good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEFA and SPYG?
As of 2026-08-27, the correlation of weekly returns between IEFA and SPYG is 0.64 over 3 years, 0.61 over 1 year and 0.71 over 5 years.
Is SPYG a good diversifier for IEFA?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IEFA and SPYG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.3% by weight over 3 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iefa-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iefa-vs-spyg/)
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Related comparisons
Hubs: IEFA correlations · SPYG correlations
