GBLI vs SPY: Correlation
Measured on weekly returns over the past three years, Global Indemnity Group, LLC - Class A (GBLI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBLI and SPY?
Across a 3-year window, the weekly returns of GBLI and SPY correlate at 0.06, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.27) than the 3-year average (0.06). Stretching to 5 years gives 0.10, with an annualized covariance of 19.7 %².
Within GBLI's tracked universe of 20 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.8 points (+3.8% versus +20.6%). Risk is not evenly split, since GBLI carries 1.5 times the volatility of the other side.
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.
GBLI vs SPY: side by side
| GBLI (Global Indemnity Group, LLC - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.8% | +20.6% |
| 5-year return | +37.0% | +82.4% |
| Volatility (ann.) | 22.2% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -28.4% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 4.89% | 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 | GBLI | SPY |
|---|---|---|
| 2022 | -3.4% | -18.2% |
| 2023 | +42.8% | +26.2% |
| 2024 | +16.6% | +24.9% |
| 2025 | -17.6% | +17.7% |
| 2026 | +4.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBLI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between GBLI and SPY?
The GBLI/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.27, 5 years: 0.10), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GBLI?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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: GBLI correlations · SPY correlations
