GATX vs SPY: Correlation
How closely do GATX Corporation (GATX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GATX and SPY?
Across a 3-year window, the weekly returns of GATX and SPY correlate at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.46 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 162.7 %².
SPY is close to the least connected end of GATX's tracked universe, ranking #6 of 10. The trailing year gives SPY the advantage: +9.1% versus +20.6%, a 11.5-point spread. Note the risk asymmetry: GATX runs 1.7 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.
GATX vs SPY: side by side
| GATX (GATX Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.1% | +20.6% |
| 5-year return | +112.2% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -18.1% | -18.8% |
| Market cap | $6.3B | – |
| P/E (trailing) | 17.7 | – |
| Dividend yield | 1.42% | 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 | GATX | SPY |
|---|---|---|
| 2022 | +4.2% | -18.2% |
| 2023 | +15.2% | +26.2% |
| 2024 | +31.1% | +24.9% |
| 2025 | +11.1% | +17.7% |
| 2026 | +6.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GATX and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GATX and SPY?
The GATX/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.22, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GATX?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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: GATX correlations · SPY correlations
