GCV vs SPY: Correlation
Gabelli Convertible and Income Securities Fund, Inc. (The) (GCV) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GCV and SPY?
Across a 3-year window, the weekly returns of GCV and SPY correlate at 0.52, moderate. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 118.8 %².
By 3-year correlation, SPY places #6 of the 13 assets tracked against GCV. The trailing year gives GCV the advantage: +26.7% versus +20.6%, a 6.1-point spread.
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.
GCV vs SPY: side by side
| GCV (Gabelli Convertible and Income Securities Fund, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.7% | +20.6% |
| 5-year return | +23.7% | +82.4% |
| Volatility (ann.) | 15.8% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -18.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 10.48% | 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 | GCV | SPY |
|---|---|---|
| 2022 | -23.9% | -18.2% |
| 2023 | -15.6% | +26.2% |
| 2024 | +19.9% | +24.9% |
| 2025 | +22.9% | +17.7% |
| 2026 | +16.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GCV and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means GCV and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GCV and SPY?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.61 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for GCV?
Only partially. A correlation of 0.52 means GCV and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gcv-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gcv-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GCV correlations · SPY correlations
