GBX vs SPY: Correlation
Measured on weekly returns over the past three years, Greenbrier Companies, Inc. (The) (GBX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBX and SPY?
Over the past 3 years, GBX and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (-0.11) than the 3-year average (0.28). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 148.5 %².
Among the 11 assets we track against GBX, SPY ranks #6 by 3-year correlation. The last year tells two different stories: SPY led by 20.1 percentage points, +0.5% for GBX against +20.6% for SPY. Risk is not evenly split, since GBX carries 2.5 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.
GBX vs SPY: side by side
| GBX (Greenbrier Companies, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.5% | +20.6% |
| 5-year return | +19.2% | +82.4% |
| Volatility (ann.) | 36.2% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -43.7% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 2.81% | 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 | GBX | SPY |
|---|---|---|
| 2022 | -24.8% | -18.2% |
| 2023 | +36.3% | +26.2% |
| 2024 | +41.3% | +24.9% |
| 2025 | -21.3% | +17.7% |
| 2026 | +0.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GBX and SPY?
As of 2026-08-27, the correlation of weekly returns between GBX and SPY is 0.28 over 3 years, -0.11 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for GBX?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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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Hubs: GBX correlations · SPY correlations
