SPYV vs VIG: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard Dividend Appreciation ETF (VIG) trade together? Their weekly returns over three years give a correlation of 0.94, which is very strong. Looking through to holdings, 48.7% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VIG?
Across a 3-year window, the weekly returns of SPYV and VIG correlate at 0.94, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. Stretching to 5 years gives 0.95, with an annualized covariance of 135.6 %².
By 3-year correlation, VIG places #5 of the 148 assets tracked against SPYV. Twelve-month performance is nearly a tie, at +18.5% for SPYV and +17.1% for VIG. The link looks structural: the rolling one-year correlation barely moved, holding between 0.87 and 0.97.
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.
SPYV vs VIG: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | +18.5% | +17.1% |
| 5-year return | +73.5% | +64.0% |
| Volatility (ann.) | 12.1% | 11.9% |
| Beta vs S&P 500 | 0.70 | 0.74 |
| Max drawdown (3Y) | -17.5% | -15.0% |
| Dividend yield | 1.69% | 1.50% |
| Expense ratio | 0.04% | 0.04% |
| Assets under management | $36.2B | $130.9B |
| Sector / category | ETF · US Style | ETF · Dividend |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Portfolio overlap between SPYV and VIG
The two portfolios overlap heavily. Weighing the shared positions, 48.7% of the two funds is identical, spread across 160 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in VIG |
|---|---|---|
| AAPL | 7.58% | 4.47% |
| XOM | 2.16% | 2.80% |
| WMT | 1.51% | 2.12% |
| COST | 1.40% | 1.83% |
| BAC | 1.34% | 1.75% |
| MRK | 1.25% | 1.40% |
| UNH | 1.20% | 1.63% |
| PG | 1.11% | 1.46% |
| HD | 1.10% | 1.43% |
| JPM | 1.01% | 4.09% |
| V | 0.94% | 2.46% |
| JNJ | 0.88% | 2.68% |
| ABBV | 0.83% | 1.92% |
| TXN | 0.78% | 1.09% |
| LIN | 0.75% | 0.96% |
Largest positions held only by SPYV: AMZN (3.95%), INTC (1.44%), CVX (1.23%), TSLA (1.22%), WFC (0.86%). Only by VIG: AVGO (4.65%), MSFT (4.35%), LLY (3.94%), CAT (1.63%), LRCX (1.59%).
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 | SPYV | VIG |
|---|---|---|
| 2022 | -5.3% | -9.8% |
| 2023 | +22.2% | +14.5% |
| 2024 | +12.2% | +17.0% |
| 2025 | +13.2% | +14.2% |
| 2026 | +12.7% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VIG good diversifiers for each other?
No: a correlation of 0.94 means SPYV and VIG tend to fall together, which is precisely when diversification is supposed to help. On top of that, 48.7% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between SPYV and VIG?
As of 2026-08-27, the correlation of weekly returns between SPYV and VIG is 0.94 over 3 years, 0.92 over 1 year and 0.95 over 5 years.
Is VIG a good diversifier for SPYV?
No: a correlation of 0.94 means SPYV and VIG tend to fall together, which is precisely when diversification is supposed to help. On top of that, 48.7% of their holdings are the same, making the doubling-up even more literal.
How much do SPYV and VIG overlap?
48.7% by weight, across 160 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: SPYV correlations · VIG correlations
