QUAL vs SPYG: Correlation & Overlap
iShares MSCI USA Quality Factor ETF (QUAL) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a very strong relationship: their 3-year correlation of weekly returns is 0.91. The two funds also share 42.7% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAL and SPYG?
Across a 3-year window, the weekly returns of QUAL and SPYG correlate at 0.91, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Stretching to 5 years gives 0.94, with an annualized covariance of 240.9 %².
Within QUAL's tracked universe of 106 assets, SPYG comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.7% for QUAL and +22.4% for SPYG. The rolling one-year correlation stayed in a tight band between 0.81 and 0.97 over the past three years, which points to a structural rather than episodic relationship.
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.
QUAL vs SPYG: side by side
| QUAL (iShares MSCI USA Quality Factor ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +19.7% | +22.4% |
| 5-year return | +68.0% | +85.9% |
| Volatility (ann.) | 14.0% | 18.9% |
| Beta vs S&P 500 | 0.93 | 1.25 |
| Max drawdown (3Y) | -18.0% | -22.1% |
| Dividend yield | 0.86% | 0.49% |
| Expense ratio | 0.15% | 0.04% |
| Assets under management | $46.5B | $52.2B |
| Sector / category | ETF · US Style | ETF · US Style |
On the fund side, QUAL sits in the Large Blend category at iShares, with $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% 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 QUAL and SPYG
The two portfolios overlap heavily: 42.7% of the funds' weight sits in the same underlying holdings (44 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in QUAL | Weight in SPYG |
|---|---|---|
| MSFT | 7.51% | 10.32% |
| AAPL | 6.62% | 6.44% |
| NVDA | 6.00% | 14.21% |
| META | 3.75% | 3.54% |
| LLY | 3.72% | 2.63% |
| GOOGL | 1.93% | 5.61% |
| BRK.B | 1.79% | 2.59% |
| GOOG | 1.52% | 4.49% |
| LRCX | 3.66% | 1.10% |
| JNJ | 2.13% | 1.07% |
| AMAT | 2.88% | 1.07% |
| V | 3.26% | 0.98% |
| NFLX | 1.91% | 0.96% |
| MA | 2.34% | 0.91% |
| KLAC | 2.44% | 0.67% |
Largest positions held only by QUAL: XOM (2.18%), MRK (1.44%), ADP (1.22%), COST (1.09%), ADBE (1.05%). Only by SPYG: AVGO (4.71%), AMZN (3.78%), MU (2.96%), AMD (2.19%), JPM (1.82%).
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 | QUAL | SPYG |
|---|---|---|
| 2022 | -20.5% | -29.4% |
| 2023 | +30.9% | +30.0% |
| 2024 | +22.3% | +36.0% |
| 2025 | +12.7% | +22.1% |
| 2026 | +13.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAL and SPYG good diversifiers for each other?
No: a correlation of 0.91 means QUAL and SPYG tend to fall together, which is precisely when diversification is supposed to help. On top of that, 42.7% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between QUAL and SPYG?
As of 2026-08-27, the correlation of weekly returns between QUAL and SPYG is 0.91 over 3 years, 0.83 over 1 year and 0.94 over 5 years.
Is SPYG a good diversifier for QUAL?
No: a correlation of 0.91 means QUAL and SPYG tend to fall together, which is precisely when diversification is supposed to help. On top of that, 42.7% of their holdings are the same, making the doubling-up even more literal.
How much do QUAL and SPYG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 42.7% by weight over 44 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qual-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qual-vs-spyg/)
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Related comparisons
Hubs: QUAL correlations · SPYG correlations
