IEMG vs IVV: Correlation & Overlap
iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Core S&P 500 ETF (IVV) show a strong relationship: their 3-year correlation of weekly returns is 0.69. The two funds also share 0.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and IVV?
Over the past 3 years, IEMG and IVV moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 175.8 %².
Among the 68 assets we track against IEMG, IVV ranks #23 by 3-year correlation. The last year tells two different stories: IEMG led by 15.3 percentage points, +36.0% for IEMG against +20.7% for IVV. The rolling one-year correlation stayed in a tight band between 0.57 and 0.78 over the past three years, which points to a structural rather than episodic relationship.
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.
IEMG vs IVV: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +36.0% | +20.7% |
| 5-year return | +50.7% | +83.0% |
| Volatility (ann.) | 17.4% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -17.2% | -18.8% |
| Dividend yield | 2.31% | 1.09% |
| Expense ratio | 0.09% | 0.03% |
| Assets under management | $152.2B | $869.2B |
| Sector / category | ETF · International | ETF · US Large Cap |
IEMG is a Diversified Emerging Mkts fund from iShares: $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield. IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Portfolio overlap between IEMG and IVV
The two portfolios are largely distinct: 0.1% of the funds' weight sits in the same underlying holdings (7 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in IEMG | Weight in IVV |
|---|---|---|
| HAL | 0.06% | 0.04% |
| BDX | 0.02% | 0.08% |
| TEL | 0.01% | 0.09% |
| ECL | 0.01% | 0.11% |
| LULU | 0.01% | 0.02% |
| SRE | 0.01% | 0.08% |
| CCL | 0.01% | 0.05% |
Largest positions held only by IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). Only by IVV: NVDA (7.67%), AAPL (6.96%), MSFT (5.57%), AMZN (3.85%), GOOGL (3.03%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 7 common positions shown.
Year-by-year returns
| Year | IEMG | IVV |
|---|---|---|
| 2022 | -20.0% | -18.2% |
| 2023 | +11.5% | +26.3% |
| 2024 | +6.5% | +24.9% |
| 2025 | +32.6% | +17.8% |
| 2026 | +23.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and IVV good diversifiers for each other?
To a limited degree. At 0.69 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 IEMG and IVV?
The IEMG/IVV correlation stands at 0.69 on a 3-year window (1 year: 0.72, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for IEMG?
To a limited degree. At 0.69 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 IEMG and IVV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.1% by weight over 7 common positions.
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Related comparisons
Hubs: IEMG correlations · IVV correlations
