GASS vs SPY: Correlation
Measured on weekly returns over the past three years, StealthGas, Inc. (GASS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GASS and SPY?
Over the past 3 years, GASS and SPY moved with a correlation of 0.10, which is weak. The past 12 months show a weaker link (-0.03) than the 3-year average (0.10). Over 5 years the correlation is 0.08, and the annualized covariance of weekly returns is 58.3 %².
Among the 11 assets we track against GASS, SPY sits near the bottom by co-movement, at rank #7. Twelve-month performance is nearly a tie, at +23.8% for GASS and +20.6% for SPY. One caveat on sizing: GASS is 2.8 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.
GASS vs SPY: side by side
| GASS (StealthGas, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.8% | +20.6% |
| 5-year return | +247.3% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -44.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 5.4 | – |
| Dividend yield | 0.00% | 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 | GASS | SPY |
|---|---|---|
| 2022 | +27.0% | -18.2% |
| 2023 | +141.0% | +26.2% |
| 2024 | -12.5% | +24.9% |
| 2025 | +24.2% | +17.7% |
| 2026 | +35.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GASS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between GASS and SPY?
As of 2026-08-27, the correlation of weekly returns between GASS and SPY is 0.10 over 3 years, -0.03 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for GASS?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GASS correlations · SPY correlations
