QUAL vs SPYV: Correlation & Overlap
iShares MSCI USA Quality Factor ETF (QUAL) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a very strong relationship: their 3-year correlation of weekly returns is 0.84. The two funds also share 30.5% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAL and SPYV?
Across a 3-year window, the weekly returns of QUAL and SPYV correlate at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Stretching to 5 years gives 0.88, with an annualized covariance of 141.9 %².
By 3-year correlation, SPYV places #21 of the 106 assets tracked against QUAL. Twelve-month performance is nearly a tie, at +19.7% for QUAL and +18.5% for SPYV. Across three years, the rolling one-year figure varied moderately, from 0.54 to 0.95.
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 SPYV: side by side
| QUAL (iShares MSCI USA Quality Factor ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +19.7% | +18.5% |
| 5-year return | +68.0% | +73.5% |
| Volatility (ann.) | 14.0% | 12.1% |
| Beta vs S&P 500 | 0.93 | 0.70 |
| Max drawdown (3Y) | -18.0% | -17.5% |
| Dividend yield | 0.86% | 1.69% |
| Expense ratio | 0.15% | 0.04% |
| Assets under management | $46.5B | $36.2B |
| 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. 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 QUAL and SPYV
The two portfolios partially overlap. Weighing the shared positions, 30.5% of the two funds is identical, spread across 97 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in QUAL | Weight in SPYV |
|---|---|---|
| AAPL | 6.62% | 7.58% |
| XOM | 2.18% | 2.16% |
| MRK | 1.44% | 1.25% |
| COST | 1.09% | 1.40% |
| V | 3.26% | 0.94% |
| WMT | 0.91% | 1.51% |
| JNJ | 2.13% | 0.88% |
| PG | 0.81% | 1.11% |
| LIN | 1.02% | 0.75% |
| KO | 0.82% | 0.67% |
| MA | 2.34% | 0.53% |
| SCHW | 0.50% | 0.59% |
| BLK | 0.50% | 0.56% |
| VRTX | 0.47% | 0.46% |
| PLD | 0.81% | 0.45% |
Largest positions held only by QUAL: MSFT (7.51%), NVDA (6.00%), META (3.75%), LLY (3.72%), LRCX (3.66%). Only by SPYV: AMZN (3.95%), INTC (1.44%), BAC (1.34%), CVX (1.23%), TSLA (1.22%).
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 | SPYV |
|---|---|---|
| 2022 | -20.5% | -5.3% |
| 2023 | +30.9% | +22.2% |
| 2024 | +22.3% | +12.2% |
| 2025 | +12.7% | +13.2% |
| 2026 | +13.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAL and SPYV good diversifiers for each other?
No: a correlation of 0.84 means QUAL and SPYV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between QUAL and SPYV?
The QUAL/SPYV correlation stands at 0.84 on a 3-year window (1 year: 0.86, 5 years: 0.88), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for QUAL?
No: a correlation of 0.84 means QUAL and SPYV tend to fall together, which is precisely when diversification is supposed to help.
How much do QUAL and SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 30.5% by weight over 97 common positions.
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Related comparisons
Hubs: QUAL correlations · SPYV correlations
