SPYG vs VNQ: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate. Looking through to holdings, 0.6% 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 SPYG and VNQ?
Over the past 3 years, SPYG and VNQ moved with a correlation of 0.34, which is moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.34). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 105.9 %².
Among the 97 assets we track against SPYG, VNQ ranks #82 by 3-year correlation. The trailing year gives SPYG the advantage: +22.4% versus +10.3%, a 12.1-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.11 and 0.79 over the past three years, so this pair behaves very differently depending on the market environment.
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 VNQ: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +22.4% | +10.3% |
| 5-year return | +85.9% | +9.5% |
| Volatility (ann.) | 18.9% | 16.6% |
| Beta vs S&P 500 | 1.25 | 0.59 |
| Max drawdown (3Y) | -22.1% | -17.5% |
| Dividend yield | 0.49% | 3.51% |
| Expense ratio | 0.04% | 0.13% |
| Assets under management | $52.2B | $73.1B |
| Sector / category | ETF · US Style | ETF · Real Estate |
SPYG, State Street Investment Management's Large Growth fund, carries $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Portfolio overlap between SPYG and VNQ
The two portfolios are largely distinct: 0.6% of the funds' weight sits in the same underlying holdings (3 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by VNQ: VRTPX (14.54%), PLD (7.04%), EQIX (5.25%), AMT (4.22%), DLR (3.38%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | SPYG | VNQ |
|---|---|---|
| 2022 | -29.4% | -26.3% |
| 2023 | +30.0% | +11.9% |
| 2024 | +36.0% | +4.8% |
| 2025 | +22.1% | +3.2% |
| 2026 | +14.5% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VNQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPYG and VNQ?
The SPYG/VNQ correlation stands at 0.34 on a 3-year window (1 year: 0.12, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for SPYG?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
How much do SPYG and VNQ overlap?
The two funds share 3 holdings amounting to 0.6% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyg-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPYG correlations · VNQ correlations
