IWM vs SPYG: Correlation & Overlap
iShares Russell 2000 ETF (IWM) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a strong relationship: their 3-year correlation of weekly returns is 0.64. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SPYG?
On 3 years of weekly data the IWM/SPYG correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 242.0 %².
By 3-year correlation, SPYG places #78 of the 320 assets tracked against IWM. On 12-month performance IWM holds a 6.0-point edge, +28.4% against +22.4%. The rolling one-year correlation moved between 0.40 and 0.83 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.
IWM vs SPYG: side by side
| IWM (iShares Russell 2000 ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +28.4% | +22.4% |
| 5-year return | +41.5% | +85.9% |
| Volatility (ann.) | 19.8% | 18.9% |
| Beta vs S&P 500 | 1.06 | 1.25 |
| Max drawdown (3Y) | -27.5% | -22.1% |
| Dividend yield | 0.91% | 0.49% |
| Expense ratio | 0.19% | 0.04% |
| Assets under management | $80.1B | $52.2B |
| Sector / category | ETF · US Small & Mid Cap | ETF · US Style |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% 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 IWM and SPYG
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by IWM: MOGA (0.35%), UMBF (0.34%), CYTK (0.33%), GKOS (0.33%), EAT (0.33%). 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.
Year-by-year returns
| Year | IWM | SPYG |
|---|---|---|
| 2022 | -20.5% | -29.4% |
| 2023 | +16.8% | +30.0% |
| 2024 | +11.4% | +36.0% |
| 2025 | +12.7% | +22.1% |
| 2026 | +22.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and SPYG good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and SPYG?
As of 2026-08-27, the correlation of weekly returns between IWM and SPYG is 0.64 over 3 years, 0.62 over 1 year and 0.73 over 5 years.
Is SPYG a good diversifier for IWM?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IWM and SPYG overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: IWM correlations · SPYG correlations
