How were Philip II of Spain and Elizabeth I of England related?

Elizabeth I of England was the fifth cousin of Philip II of Spain.

Their nearest shared ancestor was John of Gaunt.

That is only the shortest of 8 separate lines of descent between them.

The line between them

1. Philip II of Spain 1527–1598
2. Charles V 1500–1558
3. Juana I of Castile 1479–1555
4. Isabella I of Castile 1451–1504
5. John II of Castile 1405–1454
6. Catherine of Lancaster 1373–1418
7. John of Gaunt 1340–1399
8. Joan Beaufort, Countess of Westmorland 1379–1440
9. Cecily Neville, Duchess of York 1415–1495
10. Edward IV of England 1442–1483
11. Elizabeth of York 1466–1503
12. Henry VIII of England 1491–1547
13. Elizabeth I of England 1533–1603

See the line on the tree