SPYV vs VUG: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard Growth ETF (VUG) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong. Looking through to holdings, 26.1% 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 VUG?
Across a 3-year window, the weekly returns of SPYV and VUG correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 154.1 %².
Among the 148 assets we track against SPYV, VUG ranks #58 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.5% for SPYV and +16.2% for VUG. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.31 to 0.86. One caveat on sizing: VUG is 1.6 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.
SPYV vs VUG: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | +18.5% | +16.2% |
| 5-year return | +73.5% | +78.4% |
| Volatility (ann.) | 12.1% | 19.4% |
| Beta vs S&P 500 | 0.70 | 1.28 |
| Max drawdown (3Y) | -17.5% | -22.8% |
| Dividend yield | 1.69% | 0.40% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $36.2B | $372.0B |
| Sector / category | ETF · US Style | ETF · US Style |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Portfolio overlap between SPYV and VUG
The two portfolios partially overlap, with 73 holdings in common adding up to 26.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYV | Weight in VUG |
|---|---|---|
| AAPL | 7.58% | 12.63% |
| AMZN | 3.95% | 5.16% |
| TSLA | 1.22% | 2.45% |
| COST | 1.40% | 1.19% |
| V | 0.94% | 1.66% |
| GE | 0.58% | 0.54% |
| WDC | 0.53% | 0.54% |
| MA | 0.53% | 1.28% |
| INTC | 1.44% | 0.52% |
| ORCL | 0.40% | 0.64% |
| PANW | 0.40% | 0.77% |
| MRVL | 0.37% | 0.48% |
| TXN | 0.78% | 0.36% |
| VRTX | 0.46% | 0.35% |
| SBUX | 0.41% | 0.35% |
Largest positions held only by SPYV: XOM (2.16%), WMT (1.51%), BAC (1.34%), MRK (1.25%), CVX (1.23%). Only by VUG: NVDA (12.84%), MSFT (9.61%), GOOGL (5.81%), GOOG (4.64%), AVGO (4.47%).
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 | VUG |
|---|---|---|
| 2022 | -5.3% | -33.2% |
| 2023 | +22.2% | +46.8% |
| 2024 | +12.2% | +32.7% |
| 2025 | +13.2% | +19.4% |
| 2026 | +12.7% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VUG good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPYV and VUG?
The SPYV/VUG correlation stands at 0.65 on a 3-year window (1 year: 0.56, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is VUG a good diversifier for SPYV?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do SPYV and VUG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 26.1% by weight over 73 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-vug.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-vug/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYV correlations · VUG correlations
