IVV vs SPY: Correlation & Overlap
iShares Core S&P 500 ETF (IVV) and SPDR S&P 500 ETF Trust (SPY) show a very strong relationship: their 3-year correlation of weekly returns is 1.00. The two funds also share 99.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and SPY?
On 3 years of weekly data the IVV/SPY correlation comes out at 1.00, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 1.00 over 1 year against 1.00 over 3. The 5-year figure is 1.00, and annualized covariance runs at 209.8 %².
Few assets follow IVV as closely as SPY, which ranks #1 of 122 tracked partners. Neither side won the trailing year by much: +20.7% against +20.6%. The link looks structural: the rolling one-year correlation barely moved, holding between 1.00 and 1.00.
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.
IVV vs SPY: side by side
| IVV (iShares Core S&P 500 ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.7% | +20.6% |
| 5-year return | +83.0% | +82.4% |
| Volatility (ann.) | 14.5% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -18.8% | -18.8% |
| Dividend yield | 1.09% | 1.01% |
| Expense ratio | 0.03% | 0.09% |
| Assets under management | $869.2B | $795.3B |
| Sector / category | ETF · US Large Cap | ETF · US Large Cap |
On the fund side, IVV sits in the Large Blend category at iShares, with $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between IVV and SPY
The two portfolios are near-duplicates: 99.2% of the funds' weight sits in the same underlying holdings (503 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in IVV | Weight in SPY |
|---|---|---|
| NVDA | 7.67% | 7.68% |
| AAPL | 6.96% | 6.96% |
| MSFT | 5.57% | 5.58% |
| AMZN | 3.85% | 3.85% |
| GOOGL | 3.03% | 3.03% |
| AVGO | 2.54% | 2.55% |
| GOOG | 2.42% | 2.42% |
| META | 1.91% | 1.91% |
| MU | 1.60% | 1.60% |
| TSLA | 1.47% | 1.47% |
| JPM | 1.44% | 1.44% |
| LLY | 1.42% | 1.42% |
| BRK.B | 1.40% | 1.40% |
| AMD | 1.18% | 1.19% |
| XOM | 0.99% | 0.99% |
Largest positions held only by IVV: . Only by SPY: 2602335D (0.00%).
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 | IVV | SPY |
|---|---|---|
| 2022 | -18.2% | -18.2% |
| 2023 | +26.3% | +26.2% |
| 2024 | +24.9% | +24.9% |
| 2025 | +17.8% | +17.7% |
| 2026 | +13.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and SPY good diversifiers for each other?
Not really. At 1.00, the two trade almost as one position, and owning both buys little extra protection. The 99.2% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between IVV and SPY?
As of 2026-08-27, the correlation of weekly returns between IVV and SPY is 1.00 over 3 years, 1.00 over 1 year and 1.00 over 5 years.
Is SPY a good diversifier for IVV?
Not really. At 1.00, the two trade almost as one position, and owning both buys little extra protection. The 99.2% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do IVV and SPY overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 99.2% by weight over 503 common positions.
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Hubs: IVV correlations · SPY correlations
