SPYG vs VYM: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Vanguard High Dividend Yield ETF (VYM) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong. The two funds also share 16.9% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VYM?
Across a 3-year window, the weekly returns of SPYG and VYM correlate at 0.63, strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.63). Stretching to 5 years gives 0.70, with an annualized covariance of 146.6 %².
By 3-year correlation, VYM places #51 of the 97 assets tracked against SPYG. Twelve-month performance is nearly a tie, at +22.4% for SPYG and +21.1% for VYM. On a rolling one-year basis the correlation drifted between 0.36 and 0.84, a moderate band. One caveat on sizing: SPYG is 1.5 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 VYM: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +22.4% | +21.1% |
| 5-year return | +85.9% | +76.6% |
| Volatility (ann.) | 18.9% | 12.3% |
| Beta vs S&P 500 | 1.25 | 0.69 |
| Max drawdown (3Y) | -22.1% | -14.5% |
| Dividend yield | 0.49% | 2.24% |
| Expense ratio | 0.04% | 0.04% |
| Assets under management | $52.2B | $99.2B |
| 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. VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Portfolio overlap between SPYG and VYM
The two portfolios partially overlap, with 43 holdings in common adding up to 16.9% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in VYM |
|---|---|---|
| AVGO | 4.71% | 7.37% |
| JPM | 1.82% | 3.83% |
| JNJ | 1.07% | 2.51% |
| CAT | 1.06% | 1.51% |
| RTX | 0.80% | 1.18% |
| CSCO | 0.66% | 1.87% |
| ABBV | 0.60% | 1.81% |
| GS | 0.56% | 1.14% |
| PM | 0.47% | 1.21% |
| AMGN | 0.45% | 0.78% |
| MS | 0.44% | 0.96% |
| KO | 0.41% | 1.39% |
| NEM | 0.39% | 0.41% |
| ORCL | 0.37% | 0.91% |
| IBM | 0.31% | 0.86% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), GOOG (4.49%). Only by VYM: XOM (2.63%), BAC (1.67%), UNH (1.52%), CVX (1.49%), PG (1.37%).
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 | VYM |
|---|---|---|
| 2022 | -29.4% | -0.4% |
| 2023 | +30.0% | +6.6% |
| 2024 | +36.0% | +17.6% |
| 2025 | +22.1% | +15.4% |
| 2026 | +14.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VYM good diversifiers for each other?
Only partially. A correlation of 0.63 means SPYG and VYM 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 VYM?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.47 over the last year and 0.70 over 5 years.
Is VYM a good diversifier for SPYG?
Only partially. A correlation of 0.63 means SPYG and VYM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYG and VYM overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 16.9% by weight over 43 common positions.
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