SPY vs SPYG: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.96, a very strong link. 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 SPY and SPYG?
On 3 years of weekly data the SPY/SPYG correlation comes out at 0.96, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.96 over 1 year against 0.96 over 3. The 5-year figure is 0.96, and annualized covariance runs at 262.2 %².
Among the 4755 assets we track against SPY, SPYG ranks #6 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +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.
SPY vs SPYG: side by side
| SPY (SPDR S&P 500 ETF Trust) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +20.6% | +22.4% |
| 5-year return | +82.4% | +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 | 1.01% | 0.49% |
| Expense ratio | 0.09% | 0.04% |
| Assets under management | $795.3B | $52.2B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% 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 SPY and SPYG
The two portfolios overlap heavily, with 148 holdings in common adding up to 65.7% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPY | Weight in SPYG |
|---|---|---|
| NVDA | 7.68% | 14.21% |
| AAPL | 6.96% | 6.44% |
| MSFT | 5.58% | 10.32% |
| AMZN | 3.85% | 3.78% |
| GOOGL | 3.03% | 5.61% |
| AVGO | 2.55% | 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 | 1.19% | 2.19% |
| JNJ | 0.98% | 1.07% |
Largest positions held only by SPY: 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 | SPY | SPYG |
|---|---|---|
| 2022 | -18.2% | -29.4% |
| 2023 | +26.2% | +30.0% |
| 2024 | +24.9% | +36.0% |
| 2025 | +17.7% | +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 SPY and SPYG good diversifiers for each other?
No: a correlation of 0.96 means SPY and SPYG tend to fall together, which is precisely when diversification is supposed to help. The 65.7% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between SPY and SPYG?
As of 2026-08-27, the correlation of weekly returns between SPY 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 SPY?
No: a correlation of 0.96 means SPY and SPYG tend to fall together, which is precisely when diversification is supposed to help. The 65.7% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do SPY and SPYG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 65.7% by weight over 148 common positions.
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Hubs: SPY correlations · SPYG correlations
