SPYV vs VWO: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard FTSE Emerging Markets ETF (VWO) carry a correlation of 0.61, a strong link. By holdings, the two funds overlap 0.2% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VWO?
Across a 3-year window, the weekly returns of SPYV and VWO correlate at 0.61, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 112.4 %².
Within SPYV's tracked universe of 148 assets, VWO comes in at #74 by 3-year correlation. Neither side won the trailing year by much: +18.5% against +21.6%. Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.80.
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 VWO: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +18.5% | +21.6% |
| 5-year return | +73.5% | +38.2% |
| Volatility (ann.) | 12.1% | 15.2% |
| Beta vs S&P 500 | 0.70 | 0.75 |
| Max drawdown (3Y) | -17.5% | -17.4% |
| Dividend yield | 1.69% | 2.36% |
| Expense ratio | 0.04% | 0.06% |
| Assets under management | $36.2B | $162.0B |
| Sector / category | ETF · US Style | ETF · International |
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. On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Portfolio overlap between SPYV and VWO
The two portfolios are largely distinct, with 9 holdings in common adding up to 0.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYV | Weight in VWO |
|---|---|---|
| HAL | 0.09% | 0.10% |
| TEL | 0.06% | 0.02% |
| EL | 0.09% | 0.02% |
| ECL | 0.24% | 0.01% |
| LULU | 0.04% | 0.01% |
| IEX | 0.06% | 0.01% |
| SRE | 0.18% | 0.01% |
| PTC | 0.06% | 0.00% |
| SPG | 0.14% | 0.00% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by VWO: 2330 (18.65%), 700 (3.97%), 9988 (2.90%), 2454 (1.62%), 939 (1.07%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 9 common positions shown.
Year-by-year returns
| Year | SPYV | VWO |
|---|---|---|
| 2022 | -5.3% | -18.0% |
| 2023 | +22.2% | +9.3% |
| 2024 | +12.2% | +10.6% |
| 2025 | +13.2% | +25.6% |
| 2026 | +12.7% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VWO good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPYV and VWO?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.66 over the last year and 0.59 over 5 years.
Is VWO a good diversifier for SPYV?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do SPYV and VWO overlap?
0.2% by weight, across 9 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: SPYV correlations · VWO correlations
