IEFA vs SPYV: Correlation & Overlap
How closely do iShares Core MSCI EAFE ETF (IEFA) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong. Looking through to holdings, 1.6% 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 IEFA and SPYV?
Over the past 3 years, IEFA and SPYV moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 139.0 %².
Among the 111 assets we track against IEFA, SPYV ranks #20 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.8% for IEFA and +18.5% for SPYV. The rolling one-year correlation moved between 0.60 and 0.88 over the past three years, a moderate range.
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 SPYV: side by side
| IEFA (iShares Core MSCI EAFE ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +21.8% | +18.5% |
| 5-year return | +54.5% | +73.5% |
| Volatility (ann.) | 15.0% | 12.1% |
| Beta vs S&P 500 | 0.77 | 0.70 |
| Max drawdown (3Y) | -13.8% | -17.5% |
| Dividend yield | 3.35% | 1.69% |
| Expense ratio | 0.07% | 0.04% |
| Assets under management | $190.1B | $36.2B |
| Sector / category | ETF · International | ETF · US Style |
On the fund side, IEFA sits in the Foreign Large Blend category at iShares, with $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% 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 IEFA and SPYV
The two portfolios are largely distinct, with 29 holdings in common adding up to 1.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in IEFA | Weight in SPYV |
|---|---|---|
| BA | 0.31% | 0.31% |
| PRU | 0.17% | 0.14% |
| ROP | 1.22% | 0.14% |
| DTE | 0.44% | 0.09% |
| ALL | 0.09% | 0.22% |
| DG | 0.25% | 0.09% |
| EL | 0.21% | 0.09% |
| MRK | 0.08% | 1.25% |
| HBAN | 0.08% | 0.11% |
| TSCO | 0.15% | 0.06% |
| EQT | 0.06% | 0.11% |
| BG | 0.06% | 0.05% |
| ADM | 0.05% | 0.13% |
| APA | 0.04% | 0.05% |
| TEL | 0.03% | 0.06% |
Largest positions held only by IEFA: ASML (2.57%), HSBA (1.35%), SAN (1.17%), NOVN (1.10%), NESN (0.97%). 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 | IEFA | SPYV |
|---|---|---|
| 2022 | -15.2% | -5.3% |
| 2023 | +18.0% | +22.2% |
| 2024 | +3.3% | +12.2% |
| 2025 | +32.1% | +13.2% |
| 2026 | +14.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and SPYV good diversifiers for each other?
Only partially. A correlation of 0.77 means IEFA 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 IEFA and SPYV?
The IEFA/SPYV correlation stands at 0.77 on a 3-year window (1 year: 0.79, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for IEFA?
Only partially. A correlation of 0.77 means IEFA and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do IEFA and SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 1.6% by weight over 29 common positions.
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Related comparisons
Hubs: IEFA correlations · SPYV correlations
