SPYG vs VIG: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard Dividend Appreciation ETF (VIG) carry a correlation of 0.77, a strong link. By holdings, the two funds overlap 30.5% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VIG?
Over the past 3 years, SPYG and VIG moved with a correlation of 0.77, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.64 versus 0.77 over 3 years. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 173.6 %².
By 3-year correlation, VIG places #25 of the 97 assets tracked against SPYG. The trailing year gives SPYG the advantage: +22.4% versus +17.1%, a 5.3-point spread. On a rolling one-year basis the correlation drifted between 0.63 and 0.88, a moderate band. 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 VIG: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | +22.4% | +17.1% |
| 5-year return | +85.9% | +64.0% |
| Volatility (ann.) | 18.9% | 11.9% |
| Beta vs S&P 500 | 1.25 | 0.74 |
| Max drawdown (3Y) | -22.1% | -15.0% |
| Dividend yield | 0.49% | 1.50% |
| Expense ratio | 0.04% | 0.04% |
| Assets under management | $52.2B | $130.9B |
| Sector / category | ETF · US Style | ETF · Dividend |
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. VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Portfolio overlap between SPYG and VIG
The two portfolios partially overlap, with 41 holdings in common adding up to 30.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in VIG |
|---|---|---|
| AVGO | 4.71% | 4.65% |
| AAPL | 6.44% | 4.47% |
| MSFT | 10.32% | 4.35% |
| LLY | 2.63% | 3.94% |
| JPM | 1.82% | 4.09% |
| LRCX | 1.10% | 1.59% |
| JNJ | 1.07% | 2.68% |
| CAT | 1.06% | 1.63% |
| V | 0.98% | 2.46% |
| MA | 0.91% | 2.01% |
| KLAC | 0.67% | 1.04% |
| CSCO | 0.66% | 1.99% |
| ABBV | 0.60% | 1.92% |
| GS | 0.56% | 1.24% |
| APH | 0.56% | 0.86% |
Largest positions held only by SPYG: NVDA (14.21%), GOOGL (5.61%), GOOG (4.49%), AMZN (3.78%), META (3.54%). Only by VIG: XOM (2.80%), WMT (2.12%), COST (1.83%), BAC (1.75%), UNH (1.63%).
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 | VIG |
|---|---|---|
| 2022 | -29.4% | -9.8% |
| 2023 | +30.0% | +14.5% |
| 2024 | +36.0% | +17.0% |
| 2025 | +22.1% | +14.2% |
| 2026 | +14.5% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VIG good diversifiers for each other?
Only partially. A correlation of 0.77 means SPYG and VIG 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 VIG?
As of 2026-08-27, the correlation of weekly returns between SPYG and VIG is 0.77 over 3 years, 0.64 over 1 year and 0.84 over 5 years.
Is VIG a good diversifier for SPYG?
Only partially. A correlation of 0.77 means SPYG and VIG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYG and VIG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 30.5% by weight over 41 common positions.
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