GAUZ vs SPY: Correlation
How closely do Gauzy Ltd. (GAUZ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAUZ and SPY?
On 3 years of weekly data the GAUZ/SPY correlation comes out at 0.15, weak. Little has changed lately, as the 1-year reading of 0.24 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 262.2 %².
SPY is close to the least connected end of GAUZ's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 112.1 percentage points (-91.5% for GAUZ against +20.6% for SPY). Note the risk asymmetry: GAUZ runs 8.2 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.
GAUZ vs SPY: side by side
| GAUZ (Gauzy Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -91.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 118.3% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -98.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | GAUZ | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -87.0% | +17.7% |
| 2026 | -65.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAUZ and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, GAUZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GAUZ and SPY?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.24 over the last year and n/a over 5 years.
Is SPY a good diversifier for GAUZ?
Yes. With a correlation of 0.15, GAUZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 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: GAUZ correlations · SPY correlations
