G vs SPY: Correlation
How closely do Genpact Limited (G) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are G and SPY?
Across a 3-year window, the weekly returns of G and SPY correlate at 0.26, weak. The link has loosened recently: the 1-year correlation (-0.01) runs below the 3-year figure (0.26). Stretching to 5 years gives 0.37, with an annualized covariance of 127.4 %².
Out of 13 assets tracked against G, SPY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.7 points (-16.1% versus +20.6%). Note the risk asymmetry: G runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
G vs SPY: side by side
| G (Genpact Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.1% | +20.6% |
| 5-year return | -22.8% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -49.4% | -18.8% |
| Market cap | $6.3B | – |
| P/E (trailing) | 11.0 | – |
| Dividend yield | 1.94% | 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 | G | SPY |
|---|---|---|
| 2022 | -11.7% | -18.2% |
| 2023 | -24.0% | +26.2% |
| 2024 | +25.8% | +24.9% |
| 2025 | +10.2% | +17.7% |
| 2026 | -18.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are G and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between G and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with -0.01 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for G?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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: G correlations · SPY correlations
