IEMG vs SPYV: Correlation & Overlap
How closely do iShares Core MSCI Emerging Markets ETF (IEMG) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate. 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 SPYV?
Across a 3-year window, the weekly returns of IEMG and SPYV correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 122.5 %².
Within IEMG's tracked universe of 68 assets, SPYV comes in at #42 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IEMG outperformed by 17.5 percentage points (+36.0% for IEMG against +18.5% for SPYV). The rolling one-year correlation moved between 0.38 and 0.79 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.
IEMG vs SPYV: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +36.0% | +18.5% |
| 5-year return | +50.7% | +73.5% |
| Volatility (ann.) | 17.4% | 12.1% |
| Beta vs S&P 500 | 0.84 | 0.70 |
| Max drawdown (3Y) | -17.2% | -17.5% |
| Dividend yield | 2.31% | 1.69% |
| Expense ratio | 0.09% | 0.04% |
| Assets under management | $152.2B | $36.2B |
| Sector / category | ETF · International | ETF · US Style |
On the fund side, IEMG sits in the Diversified Emerging Mkts category at iShares, with $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% 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 IEMG and SPYV
The two portfolios are largely distinct, with 6 holdings in common adding up to 0.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in IEMG | Weight in SPYV |
|---|---|---|
| HAL | 0.06% | 0.09% |
| BDX | 0.02% | 0.17% |
| TEL | 0.01% | 0.06% |
| ECL | 0.01% | 0.24% |
| LULU | 0.01% | 0.04% |
| SRE | 0.01% | 0.18% |
Largest positions held only by IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). 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 6 common positions shown.
Year-by-year returns
| Year | IEMG | SPYV |
|---|---|---|
| 2022 | -20.0% | -5.3% |
| 2023 | +11.5% | +22.2% |
| 2024 | +6.5% | +12.2% |
| 2025 | +32.6% | +13.2% |
| 2026 | +23.6% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and SPYV good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEMG and SPYV?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.56 over the last year and 0.59 over 5 years.
Is SPYV a good diversifier for IEMG?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IEMG and SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.1% by weight over 6 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iemg-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iemg-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IEMG correlations · SPYV correlations
