SPYG vs VWO: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard FTSE Emerging Markets ETF (VWO) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong. The two funds also share 0.0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VWO?
Over the past 3 years, SPYG and VWO moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 192.8 %².
Among the 97 assets we track against SPYG, VWO ranks #35 by 3-year correlation. Their 12-month results are close: +22.4% for SPYG against +21.6% for VWO. Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.74.
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 VWO: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +22.4% | +21.6% |
| 5-year return | +85.9% | +38.2% |
| Volatility (ann.) | 18.9% | 15.2% |
| Beta vs S&P 500 | 1.25 | 0.75 |
| Max drawdown (3Y) | -22.1% | -17.4% |
| Dividend yield | 0.49% | 2.36% |
| Expense ratio | 0.04% | 0.06% |
| Assets under management | $52.2B | $162.0B |
| Sector / category | ETF · US Style | ETF · International |
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. On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Portfolio overlap between SPYG and VWO
The two portfolios are largely distinct. Weighing the shared positions, 0.0% of the two funds is identical, spread across 3 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by VWO: 2330 (18.65%), 700 (3.97%), 9988 (2.90%), 2454 (1.62%), 939 (1.07%).
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 | VWO |
|---|---|---|
| 2022 | -29.4% | -18.0% |
| 2023 | +30.0% | +9.3% |
| 2024 | +36.0% | +10.6% |
| 2025 | +22.1% | +25.6% |
| 2026 | +14.5% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VWO good diversifiers for each other?
Only partially. A correlation of 0.67 means SPYG and VWO 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 VWO?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.73 over the last year and 0.62 over 5 years.
Is VWO a good diversifier for SPYG?
Only partially. A correlation of 0.67 means SPYG and VWO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYG and VWO overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.0% by weight over 3 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyg-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPYG correlations · VWO correlations
