GBFH vs SPY: Correlation
How closely do GBank Financial Holdings Inc. (GBFH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBFH and SPY?
Across a 3-year window, the weekly returns of GBFH and SPY correlate at 0.30, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.30 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 231.0 %².
Within GBFH's tracked universe of 18 assets, SPY comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 71.1 percentage points (-50.5% for GBFH against +20.6% for SPY). One caveat on sizing: GBFH is 3.4 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.
GBFH vs SPY: side by side
| GBFH (GBank Financial Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -50.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 49.3% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -53.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 15.9 | – |
| 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 | GBFH | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -21.2% | +17.7% |
| 2026 | -40.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBFH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GBFH and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.18 over the last year and n/a over 5 years.
Is SPY a good diversifier for GBFH?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GBFH correlations · SPY correlations
