GAP vs SPY: Correlation
How closely do Gap, Inc. (The) (GAP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAP and SPY?
Over the past 3 years, GAP and SPY moved with a correlation of 0.31, which is moderate. Little has changed lately, as the 1-year reading of 0.27 lands near the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 244.6 %².
Among the 11 assets we track against GAP, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 24.5 percentage points (-3.9% for GAP against +20.6% for SPY). One caveat on sizing: GAP is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GAP vs SPY: side by side
| GAP (Gap, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.9% | +20.6% |
| 5-year return | -5.3% | +82.4% |
| Volatility (ann.) | 54.0% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -38.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 3.17% | 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 | GAP | SPY |
|---|---|---|
| 2022 | -32.6% | -18.2% |
| 2023 | +96.7% | +26.2% |
| 2024 | +16.1% | +24.9% |
| 2025 | +11.7% | +17.7% |
| 2026 | -16.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GAP and SPY?
The GAP/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.27, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GAP?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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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Hubs: GAP correlations · SPY correlations
