GAB vs SPY: Correlation
Gabelli Equity Trust, Inc. (The) (GAB) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAB and SPY?
On 3 years of weekly data the GAB/SPY correlation comes out at 0.65, strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.65 over 3 years. The 5-year figure is 0.66, and annualized covariance runs at 151.2 %².
By 3-year correlation, SPY places #6 of the 16 assets tracked against GAB. Over the last 12 months SPY came out ahead by 14.8 percentage points (+5.8% 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.
GAB vs SPY: side by side
| GAB (Gabelli Equity Trust, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.8% | +20.6% |
| 5-year return | +40.3% | +82.4% |
| Volatility (ann.) | 16.2% | 14.5% |
| Beta vs S&P 500 | 0.72 | 1.00 |
| Max drawdown (3Y) | -14.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 5.8 | – |
| Dividend yield | 10.54% | 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 | GAB | SPY |
|---|---|---|
| 2022 | -16.3% | -18.2% |
| 2023 | +3.4% | +26.2% |
| 2024 | +18.0% | +24.9% |
| 2025 | +27.0% | +17.7% |
| 2026 | -1.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAB and SPY 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 GAB and SPY?
As of 2026-08-27, the correlation of weekly returns between GAB and SPY is 0.65 over 3 years, 0.47 over 1 year and 0.66 over 5 years.
Is SPY a good diversifier for GAB?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
A reading of 0.65 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GAB correlations · SPY correlations
