SPYG vs VOO: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.96, which is very strong. Looking through to holdings, 65.5% 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 VOO?
Over the past 3 years, SPYG and VOO moved with a correlation of 0.96, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.96 over 1 year against 0.96 over 3. Over 5 years the correlation is 0.96, and the annualized covariance of weekly returns is 260.9 %².
By 3-year correlation, VOO places #6 of the 97 assets tracked against SPYG. Neither side won the trailing year by much: +22.4% against +20.6%. The rolling one-year correlation stayed in a tight band between 0.92 and 0.98 over the past three years, which points to a structural rather than episodic relationship.
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 VOO: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +22.4% | +20.6% |
| 5-year return | +85.9% | +83.0% |
| Volatility (ann.) | 18.9% | 14.4% |
| Beta vs S&P 500 | 1.25 | 0.99 |
| Max drawdown (3Y) | -22.1% | -18.7% |
| Dividend yield | 0.49% | 1.07% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $52.2B | $1,686.9B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between SPYG and VOO
The two portfolios overlap heavily, with 146 holdings in common adding up to 65.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in VOO |
|---|---|---|
| NVDA | 14.21% | 7.56% |
| AAPL | 6.44% | 7.05% |
| MSFT | 10.32% | 5.37% |
| AMZN | 3.78% | 4.13% |
| GOOGL | 5.61% | 3.25% |
| AVGO | 4.71% | 2.87% |
| GOOG | 4.49% | 2.62% |
| META | 3.54% | 1.90% |
| JPM | 1.82% | 1.47% |
| BRK.B | 2.59% | 1.46% |
| MU | 2.96% | 1.44% |
| LLY | 2.63% | 1.41% |
| TSLA | 1.69% | 1.36% |
| AMD | 2.19% | 1.21% |
| JNJ | 1.07% | 0.96% |
Largest positions held only by SPYG: FERG (0.06%), RDDT (0.04%). Only by VOO: XOM (1.00%), WMT (0.76%), INTC (0.66%), COST (0.66%), BAC (0.63%).
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 | VOO |
|---|---|---|
| 2022 | -29.4% | -18.2% |
| 2023 | +30.0% | +26.3% |
| 2024 | +36.0% | +25.0% |
| 2025 | +22.1% | +17.8% |
| 2026 | +14.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VOO good diversifiers for each other?
Not really. At 0.96, the two trade almost as one position, and owning both buys little extra protection. The 65.5% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between SPYG and VOO?
Using weekly returns as of 2026-08-27: 0.96 over 3 years, with 0.96 over the last year and 0.96 over 5 years.
Is VOO a good diversifier for SPYG?
Not really. At 0.96, the two trade almost as one position, and owning both buys little extra protection. The 65.5% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do SPYG and VOO overlap?
The two funds share 146 holdings amounting to 65.5% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: SPYG correlations · VOO correlations
