BAR vs SPY: Correlation
Measured on weekly returns over the past three years, GraniteShares Gold Trust Shares of Beneficial Interest (BAR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAR and SPY?
Over the past 3 years, BAR and SPY moved with a correlation of 0.13, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.39 versus 0.13 over 3 years. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 36.0 %².
SPY is close to the least connected end of BAR's tracked universe, ranking #11 of 14. On 12-month performance BAR holds a 14.9-point edge, +35.5% against +20.6%.
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.
BAR vs SPY: side by side
| BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.5% | +20.6% |
| 5-year return | +152.4% | +82.4% |
| Volatility (ann.) | 18.6% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -26.3% | -18.8% |
| Dividend yield | – | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BAR | SPY |
|---|---|---|
| 2022 | -0.6% | -18.2% |
| 2023 | +13.0% | +26.2% |
| 2024 | +27.0% | +24.9% |
| 2025 | +64.1% | +17.7% |
| 2026 | +6.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between BAR and SPY?
The BAR/SPY correlation stands at 0.13 on a 3-year window (1 year: 0.39, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BAR?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BAR correlations · SPY correlations
