GBR vs SPY: Correlation
Measured on weekly returns over the past three years, New Concept Energy, Inc (GBR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBR and SPY?
Across a 3-year window, the weekly returns of GBR and SPY correlate at 0.12, weak. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.12). Stretching to 5 years gives 0.22, with an annualized covariance of 103.6 %².
Out of 10 assets tracked against GBR, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 33.1 points (-12.5% versus +20.6%). Note the risk asymmetry: GBR runs 4.0 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.
GBR vs SPY: side by side
| GBR (New Concept Energy, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.5% | +20.6% |
| 5-year return | -81.2% | +82.4% |
| Volatility (ann.) | 58.4% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -65.0% | -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 | GBR | SPY |
|---|---|---|
| 2022 | -54.2% | -18.2% |
| 2023 | -8.3% | +26.2% |
| 2024 | +16.0% | +24.9% |
| 2025 | -35.3% | +17.7% |
| 2026 | +0.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBR and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GBR and SPY?
The GBR/SPY correlation stands at 0.12 on a 3-year window (1 year: -0.08, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GBR?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
A reading of 0.12 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: GBR correlations · SPY correlations
