IEMG vs SPYG: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Core MSCI Emerging Markets ETF (IEMG) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.67, a strong link. The two funds also share 0.0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and SPYG?
Across a 3-year window, the weekly returns of IEMG and SPYG correlate at 0.67, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.67 over 3. Stretching to 5 years gives 0.63, with an annualized covariance of 220.1 %².
By 3-year correlation, SPYG places #26 of the 68 assets tracked against IEMG. The trailing year gives IEMG the advantage: +36.0% versus +22.4%, a 13.6-point spread. The link looks structural: the rolling one-year correlation barely moved, holding between 0.51 and 0.75.
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 SPYG: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +36.0% | +22.4% |
| 5-year return | +50.7% | +85.9% |
| Volatility (ann.) | 17.4% | 18.9% |
| Beta vs S&P 500 | 0.84 | 1.25 |
| Max drawdown (3Y) | -17.2% | -22.1% |
| Dividend yield | 2.31% | 0.49% |
| Expense ratio | 0.09% | 0.04% |
| Assets under management | $152.2B | $52.2B |
| Sector / category | ETF · International | ETF · US Style |
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. 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 IEMG and SPYG
The two portfolios are largely distinct. Weighing the shared positions, 0.0% of the two funds is identical, spread across 2 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). 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 2 common positions shown.
Year-by-year returns
| Year | IEMG | SPYG |
|---|---|---|
| 2022 | -20.0% | -29.4% |
| 2023 | +11.5% | +30.0% |
| 2024 | +6.5% | +36.0% |
| 2025 | +32.6% | +22.1% |
| 2026 | +23.6% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and SPYG good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEMG and SPYG?
As of 2026-08-27, the correlation of weekly returns between IEMG and SPYG is 0.67 over 3 years, 0.70 over 1 year and 0.63 over 5 years.
Is SPYG a good diversifier for IEMG?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IEMG and SPYG overlap?
0.0% by weight, across 2 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iemg-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iemg-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEMG correlations · SPYG correlations
