SPYG vs SPYV: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong. The two funds also share 25.6% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and SPYV?
On 3 years of weekly data the SPYG/SPYV correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 147.5 %².
Among the 97 assets we track against SPYG, SPYV ranks #46 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.4% for SPYG and +18.5% for SPYV. The relationship is regime-dependent: the rolling one-year correlation swung between 0.30 and 0.87 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: SPYG is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SPYG vs SPYV: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +22.4% | +18.5% |
| 5-year return | +85.9% | +73.5% |
| Volatility (ann.) | 18.9% | 12.1% |
| Beta vs S&P 500 | 1.25 | 0.70 |
| Max drawdown (3Y) | -22.1% | -17.5% |
| Dividend yield | 0.49% | 1.69% |
| Expense ratio | 0.04% | 0.04% |
| Assets under management | $52.2B | $36.2B |
| Sector / category | ETF · US Style | ETF · US Style |
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. 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 SPYG and SPYV
The two portfolios partially overlap, with 82 holdings in common adding up to 25.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in SPYV |
|---|---|---|
| AAPL | 6.44% | 7.58% |
| AMZN | 3.78% | 3.95% |
| TSLA | 1.69% | 1.22% |
| JPM | 1.82% | 1.01% |
| V | 0.98% | 0.94% |
| JNJ | 1.07% | 0.88% |
| CSCO | 0.66% | 0.69% |
| ABBV | 0.60% | 0.83% |
| GE | 0.54% | 0.58% |
| MA | 0.91% | 0.53% |
| PM | 0.47% | 0.44% |
| KO | 0.41% | 0.67% |
| PANW | 0.43% | 0.40% |
| ORCL | 0.37% | 0.40% |
| GS | 0.56% | 0.35% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), GOOGL (5.61%), AVGO (4.71%), GOOG (4.49%). Only by SPYV: XOM (2.16%), WMT (1.51%), INTC (1.44%), COST (1.40%), BAC (1.34%).
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 | SPYG | SPYV |
|---|---|---|
| 2022 | -29.4% | -5.3% |
| 2023 | +30.0% | +22.2% |
| 2024 | +36.0% | +12.2% |
| 2025 | +22.1% | +13.2% |
| 2026 | +14.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and SPYV good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPYG and SPYV?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.55 over the last year and 0.74 over 5 years.
Is SPYV a good diversifier for SPYG?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do SPYG and SPYV overlap?
25.6% by weight, across 82 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: SPYG correlations · SPYV correlations
