SPYG vs VUG: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard Growth ETF (VUG) carry a correlation of 0.99, a very strong link. By holdings, the two funds overlap 77.1% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VUG?
On 3 years of weekly data the SPYG/VUG correlation comes out at 0.99, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.98 lands near the 3-year figure. The 5-year figure is 0.99, and annualized covariance runs at 364.0 %².
In SPYG's tracked universe of 97 assets, VUG sits right near the top at #1. On 12-month performance SPYG holds a 6.2-point edge, +22.4% against +16.2%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.97 and 1.00.
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 VUG: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | +22.4% | +16.2% |
| 5-year return | +85.9% | +78.4% |
| Volatility (ann.) | 18.9% | 19.4% |
| Beta vs S&P 500 | 1.25 | 1.28 |
| Max drawdown (3Y) | -22.1% | -22.8% |
| Dividend yield | 0.49% | 0.40% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $52.2B | $372.0B |
| Sector / category | ETF · US Style | ETF · US Style |
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. VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Portfolio overlap between SPYG and VUG
The two portfolios are near-duplicates. Weighing the shared positions, 77.1% of the two funds is identical, spread across 89 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYG | Weight in VUG |
|---|---|---|
| NVDA | 14.21% | 12.84% |
| MSFT | 10.32% | 9.61% |
| AAPL | 6.44% | 12.63% |
| GOOGL | 5.61% | 5.81% |
| GOOG | 4.49% | 4.64% |
| AVGO | 4.71% | 4.47% |
| AMZN | 3.78% | 5.16% |
| META | 3.54% | 3.41% |
| LLY | 2.63% | 2.72% |
| AMD | 2.19% | 2.17% |
| TSLA | 1.69% | 2.45% |
| AMAT | 1.07% | 1.14% |
| LRCX | 1.10% | 1.03% |
| V | 0.98% | 1.66% |
| MA | 0.91% | 1.28% |
Largest positions held only by SPYG: MU (2.96%), BRK.B (2.59%), JPM (1.82%), JNJ (1.07%), CAT (1.06%). Only by VUG: COST (1.19%), WDC (0.54%), INTC (0.52%), TXN (0.36%), VRTX (0.35%).
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 | VUG |
|---|---|---|
| 2022 | -29.4% | -33.2% |
| 2023 | +30.0% | +46.8% |
| 2024 | +36.0% | +32.7% |
| 2025 | +22.1% | +19.4% |
| 2026 | +14.5% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VUG good diversifiers for each other?
No: a correlation of 0.99 means SPYG and VUG tend to fall together, which is precisely when diversification is supposed to help. The 77.1% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between SPYG and VUG?
Using weekly returns as of 2026-08-27: 0.99 over 3 years, with 0.98 over the last year and 0.99 over 5 years.
Is VUG a good diversifier for SPYG?
No: a correlation of 0.99 means SPYG and VUG tend to fall together, which is precisely when diversification is supposed to help. The 77.1% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do SPYG and VUG overlap?
The two funds share 89 holdings amounting to 77.1% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: SPYG correlations · VUG correlations
