SPYG vs XLY: Correlation & Overlap
SPDR Portfolio S&P 500 Growth ETF (SPYG) and Consumer Discretionary Select Sector SPDR Fund (XLY) show a very strong relationship: their 3-year correlation of weekly returns is 0.81. By holdings, the two funds overlap 8.5% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLY?
Over the past 3 years, SPYG and XLY moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 301.9 %².
Within SPYG's tracked universe of 97 assets, XLY comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYG ahead by 22.5 points (+22.4% versus -0.1%). Stability stands out here, with the rolling one-year correlation confined to 0.76 through 0.88.
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 XLY: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | -0.1% |
| 5-year return | +85.9% | +31.8% |
| Volatility (ann.) | 18.9% | 19.7% |
| Beta vs S&P 500 | 1.25 | 1.15 |
| Max drawdown (3Y) | -22.1% | -26.0% |
| Dividend yield | 0.49% | 0.78% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $22.5B |
| Sector / category | ETF · US Style | Sector ETF |
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. XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Portfolio overlap between SPYG and XLY
The two portfolios are largely distinct: 8.5% of the funds' weight sits in the same underlying holdings (24 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPYG | Weight in XLY |
|---|---|---|
| AMZN | 3.78% | 24.32% |
| TSLA | 1.69% | 16.18% |
| BKNG | 0.45% | 4.04% |
| DASH | 0.25% | 2.24% |
| MCD | 0.23% | 4.11% |
| TJX | 0.23% | 3.55% |
| MAR | 0.22% | 1.96% |
| HLT | 0.21% | 1.89% |
| ORLY | 0.21% | 1.85% |
| RCL | 0.20% | 1.80% |
| EXPE | 0.11% | 0.95% |
| ABNB | 0.10% | 1.96% |
| ROST | 0.10% | 1.90% |
| EBAY | 0.10% | 1.15% |
| CCL | 0.09% | 0.82% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLY: HD (5.54%), SBUX (3.08%), LOW (2.94%), GM (1.94%), F (1.36%).
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 | XLY |
|---|---|---|
| 2022 | -29.4% | -36.3% |
| 2023 | +30.0% | +39.6% |
| 2024 | +36.0% | +26.5% |
| 2025 | +22.1% | +7.4% |
| 2026 | +14.5% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLY good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between SPYG and XLY?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.76 over the last year and 0.86 over 5 years.
Is XLY a good diversifier for SPYG?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
How much do SPYG and XLY overlap?
The two funds share 24 holdings amounting to 8.5% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyg-vs-xly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPYG correlations · XLY correlations
