IVV vs SPYG: Correlation & Overlap
How closely do iShares Core S&P 500 ETF (IVV) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.96, which is very strong. Looking through to holdings, 65.7% 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 IVV and SPYG?
Across a 3-year window, the weekly returns of IVV and SPYG correlate at 0.96, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.96 lands near the 3-year figure. Stretching to 5 years gives 0.96, with an annualized covariance of 263.5 %².
Within IVV's tracked universe of 122 assets, SPYG comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.7% for IVV and +22.4% for SPYG. The link looks structural: the rolling one-year correlation barely moved, holding between 0.92 and 0.98.
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 SPYG: side by side
| IVV (iShares Core S&P 500 ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +20.7% | +22.4% |
| 5-year return | +83.0% | +85.9% |
| Volatility (ann.) | 14.5% | 18.9% |
| Beta vs S&P 500 | 1.00 | 1.25 |
| Max drawdown (3Y) | -18.8% | -22.1% |
| Dividend yield | 1.09% | 0.49% |
| Expense ratio | 0.03% | 0.04% |
| Assets under management | $869.2B | $52.2B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
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. 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 IVV and SPYG
The two portfolios overlap heavily. Weighing the shared positions, 65.7% of the two funds is identical, spread across 148 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in IVV | Weight in SPYG |
|---|---|---|
| NVDA | 7.67% | 14.21% |
| AAPL | 6.96% | 6.44% |
| MSFT | 5.57% | 10.32% |
| AMZN | 3.85% | 3.78% |
| GOOGL | 3.03% | 5.61% |
| AVGO | 2.54% | 4.71% |
| GOOG | 2.42% | 4.49% |
| META | 1.91% | 3.54% |
| MU | 1.60% | 2.96% |
| TSLA | 1.47% | 1.69% |
| JPM | 1.44% | 1.82% |
| LLY | 1.42% | 2.63% |
| BRK.B | 1.40% | 2.59% |
| AMD | 1.18% | 2.19% |
| JNJ | 0.98% | 1.07% |
Largest positions held only by IVV: XOM (0.99%), WMT (0.69%), INTC (0.66%), COST (0.64%), BAC (0.61%). Only by SPYG: .
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 | SPYG |
|---|---|---|
| 2022 | -18.2% | -29.4% |
| 2023 | +26.3% | +30.0% |
| 2024 | +24.9% | +36.0% |
| 2025 | +17.8% | +22.1% |
| 2026 | +13.7% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and SPYG good diversifiers for each other?
No. With a correlation of 0.96, IVV and SPYG move nearly in lockstep, so holding both adds very little diversification. On top of that, 65.7% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between IVV and SPYG?
As of 2026-08-27, the correlation of weekly returns between IVV and SPYG is 0.96 over 3 years, 0.96 over 1 year and 0.96 over 5 years.
Is SPYG a good diversifier for IVV?
No. With a correlation of 0.96, IVV and SPYG move nearly in lockstep, so holding both adds very little diversification. On top of that, 65.7% of their holdings are the same, making the doubling-up even more literal.
How much do IVV and SPYG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 65.7% by weight over 148 common positions.
Use this data
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Related comparisons
Hubs: IVV correlations · SPYG correlations
