SPYG vs XLRE: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate. The two funds also share 0.6% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLRE?
Across a 3-year window, the weekly returns of SPYG and XLRE correlate at 0.32, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.32). Stretching to 5 years gives 0.55, with an annualized covariance of 102.7 %².
By 3-year correlation, XLRE places #83 of the 97 assets tracked against SPYG. On 12-month performance SPYG holds a 12.9-point edge, +22.4% against +9.5%. This link changes with the market regime, having swung between 0.08 and 0.79 on a rolling one-year basis.
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 XLRE: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +9.5% |
| 5-year return | +85.9% | +11.4% |
| Volatility (ann.) | 18.9% | 16.7% |
| Beta vs S&P 500 | 1.25 | 0.57 |
| Max drawdown (3Y) | -22.1% | -16.6% |
| Dividend yield | 0.49% | 3.12% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $8.6B |
| Sector / category | ETF · US Style | Sector ETF |
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. On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between SPYG and XLRE
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 XLRE: PLD (9.06%), EQIX (7.14%), AMT (5.49%), DLR (5.01%), VMRK (4.96%).
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 | XLRE |
|---|---|---|
| 2022 | -29.4% | -26.2% |
| 2023 | +30.0% | +12.4% |
| 2024 | +36.0% | +5.1% |
| 2025 | +22.1% | +2.6% |
| 2026 | +14.5% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLRE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPYG and XLRE?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.09 over the last year and 0.55 over 5 years.
Is XLRE a good diversifier for SPYG?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
How much do SPYG and XLRE overlap?
The two funds share 3 holdings amounting to 0.6% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: SPYG correlations · XLRE correlations
