GAIN vs SPY: Correlation
How closely do Gl (GAIN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAIN and SPY?
On 3 years of weekly data the GAIN/SPY correlation comes out at 0.44, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.44 over 3. The 5-year figure is 0.57, and annualized covariance runs at 128.3 %².
Among the 10 assets we track against GAIN, SPY sits near the bottom by co-movement, at rank #6. Neither side won the trailing year by much: +24.9% 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.
GAIN vs SPY: side by side
| GAIN (Gl) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.9% | +20.6% |
| 5-year return | +92.6% | +82.4% |
| Volatility (ann.) | 20.1% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -14.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 5.86% | 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 | GAIN | SPY |
|---|---|---|
| 2022 | -17.5% | -18.2% |
| 2023 | +31.0% | +26.2% |
| 2024 | +5.3% | +24.9% |
| 2025 | +17.1% | +17.7% |
| 2026 | +22.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAIN and SPY good diversifiers for each other?
Reasonably. At 0.44, GAIN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GAIN and SPY?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.47 over the last year and 0.57 over 5 years.
Is SPY a good diversifier for GAIN?
Reasonably. At 0.44, GAIN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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: GAIN correlations · SPY correlations
