SPYG vs VEA: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard FTSE Developed Markets ETF (VEA) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong. By holdings, the two funds overlap 0.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VEA?
Across a 3-year window, the weekly returns of SPYG and VEA correlate at 0.66, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.66 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 188.3 %².
Within SPYG's tracked universe of 97 assets, VEA comes in at #39 by 3-year correlation. The trailing year gives VEA the advantage: +22.4% versus +28.5%, a 6.1-point spread. On a rolling one-year basis the correlation drifted between 0.54 and 0.82, a moderate band.
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 VEA: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VEA (Vanguard FTSE Developed Markets ETF) | |
|---|---|---|
| 1-year return | +22.4% | +28.5% |
| 5-year return | +85.9% | +63.5% |
| Volatility (ann.) | 18.9% | 15.1% |
| Beta vs S&P 500 | 1.25 | 0.79 |
| Max drawdown (3Y) | -22.1% | -13.5% |
| Dividend yield | 0.49% | 2.56% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $52.2B | $314.9B |
| Sector / category | ETF · US Style | ETF · International |
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. VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield.
Portfolio overlap between SPYG and VEA
The two portfolios are largely distinct: 0.3% of the funds' weight sits in the same underlying holdings (9 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPYG | Weight in VEA |
|---|---|---|
| BA | 0.21% | 0.26% |
| TEL | 0.12% | 0.03% |
| NEM | 0.39% | 0.01% |
| TKO | 0.03% | 0.01% |
| SPG | 0.08% | 0.00% |
| FOX | 0.02% | 0.00% |
| CAT | 1.06% | 0.00% |
| STX | 0.34% | 0.00% |
| CCL | 0.09% | 0.00% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by VEA: 005930 (2.53%), ASML (2.00%), 000660 (1.98%), HSBA (1.15%), ROP (0.97%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 9 common positions shown.
Year-by-year returns
| Year | SPYG | VEA |
|---|---|---|
| 2022 | -29.4% | -15.3% |
| 2023 | +30.0% | +17.9% |
| 2024 | +36.0% | +3.1% |
| 2025 | +22.1% | +35.2% |
| 2026 | +14.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VEA good diversifiers for each other?
Only partially. A correlation of 0.66 means SPYG and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPYG and VEA?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.64 over the last year and 0.72 over 5 years.
Is VEA a good diversifier for SPYG?
Only partially. A correlation of 0.66 means SPYG and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYG and VEA overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.3% by weight over 9 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-vea.json
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[](https://www.pairbook.io/pair/spyg-vs-vea/)
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Related comparisons
Hubs: SPYG correlations · VEA correlations
