SPYG vs USMV: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Growth ETF (SPYG) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.59, a moderate link. By holdings, the two funds overlap 25.6% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and USMV?
Across a 3-year window, the weekly returns of SPYG and USMV correlate at 0.59, moderate. The past 12 months show a weaker link (0.38) than the 3-year average (0.59). Stretching to 5 years gives 0.73, with an annualized covariance of 111.0 %².
Among the 97 assets we track against SPYG, USMV ranks #59 by 3-year correlation. The trailing year gives SPYG the advantage: +22.4% versus +10.1%, a 12.3-point spread. On a rolling one-year basis the correlation drifted between 0.33 and 0.80, a moderate band. Note the risk asymmetry: SPYG runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 USMV: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +22.4% | +10.1% |
| 5-year return | +85.9% | +42.3% |
| Volatility (ann.) | 18.9% | 9.9% |
| Beta vs S&P 500 | 1.25 | 0.51 |
| Max drawdown (3Y) | -22.1% | -9.4% |
| Dividend yield | 0.49% | 1.48% |
| Expense ratio | 0.04% | 0.15% |
| Assets under management | $52.2B | $23.6B |
| Sector / category | ETF · US Style | ETF · US Style |
On the fund side, SPYG sits in the Large Growth category at State Street Investment Management, with $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between SPYG and USMV
The two portfolios partially overlap: 25.6% of the funds' weight sits in the same underlying holdings (68 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPYG | Weight in USMV |
|---|---|---|
| MSFT | 10.32% | 1.68% |
| BRK.B | 2.59% | 1.41% |
| NVDA | 14.21% | 1.35% |
| PLTR | 1.14% | 1.19% |
| JNJ | 1.07% | 1.58% |
| V | 0.98% | 1.02% |
| MA | 0.91% | 1.28% |
| AVGO | 4.71% | 0.90% |
| AAPL | 6.44% | 0.88% |
| LLY | 2.63% | 0.79% |
| MU | 2.96% | 0.71% |
| AMD | 2.19% | 0.67% |
| CSCO | 0.66% | 1.38% |
| ABBV | 0.60% | 0.73% |
| GEV | 0.72% | 0.59% |
Largest positions held only by SPYG: GOOGL (5.61%), JPM (1.82%), TSLA (1.69%), LRCX (1.10%), CAT (1.06%). Only by USMV: VRTX (1.63%), MRK (1.54%), MSI (1.51%), CB (1.47%), VZ (1.46%).
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 | USMV |
|---|---|---|
| 2022 | -29.4% | -9.4% |
| 2023 | +30.0% | +10.3% |
| 2024 | +36.0% | +15.7% |
| 2025 | +22.1% | +7.6% |
| 2026 | +14.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and USMV good diversifiers for each other?
To a limited degree. At 0.59 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 USMV?
As of 2026-08-27, the correlation of weekly returns between SPYG and USMV is 0.59 over 3 years, 0.38 over 1 year and 0.73 over 5 years.
Is USMV a good diversifier for SPYG?
To a limited degree. At 0.59 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 USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 25.6% by weight over 68 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyg-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYG correlations · USMV correlations
