GBTG vs SPY: Correlation
Global Business Travel Group, Inc. (GBTG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and SPY?
On 3 years of weekly data the GBTG/SPY correlation comes out at 0.40, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.40 over 3. The 5-year figure is 0.31, and annualized covariance runs at 290.0 %².
By 3-year correlation, SPY places #18 of the 27 assets tracked against GBTG. Over the last 12 months SPY came out ahead by 5.8 percentage points (+14.8% against +20.6%). Risk is not evenly split, since GBTG carries 3.5 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.
GBTG vs SPY: side by side
| GBTG (Global Business Travel Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 50.5% | 14.5% |
| Beta vs S&P 500 | 1.39 | 1.00 |
| Max drawdown (3Y) | -48.0% | -18.8% |
| Market cap | $4.9B | – |
| P/E (trailing) | 59.1 | – |
| 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 | GBTG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -4.4% | +26.2% |
| 2024 | +43.9% | +24.9% |
| 2025 | -17.6% | +17.7% |
| 2026 | +23.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GBTG and SPY?
As of 2026-08-27, the correlation of weekly returns between GBTG and SPY is 0.40 over 3 years, 0.34 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for GBTG?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 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: GBTG correlations · SPY correlations
