GBCI vs SPY: Correlation
Glacier Bancorp, Inc. (GBCI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBCI and SPY?
On 3 years of weekly data the GBCI/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.39). The 5-year figure is 0.42, and annualized covariance runs at 182.4 %².
SPY is close to the least connected end of GBCI's tracked universe, ranking #11 of 15. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.5 points (+0.1% versus +20.6%). One caveat on sizing: GBCI is 2.2 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.
GBCI vs SPY: side by side
| GBCI (Glacier Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.1% | +20.6% |
| 5-year return | +4.0% | +82.4% |
| Volatility (ann.) | 32.6% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -34.8% | -18.8% |
| Market cap | $6.2B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 2.80% | 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 | GBCI | SPY |
|---|---|---|
| 2022 | -10.4% | -18.2% |
| 2023 | -13.0% | +26.2% |
| 2024 | +25.4% | +24.9% |
| 2025 | -9.6% | +17.7% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBCI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GBCI and SPY?
The GBCI/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.13, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GBCI?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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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Hubs: GBCI correlations · SPY correlations
