GD vs SPY: Correlation
Measured on weekly returns over the past three years, General Dynamics (GD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GD and SPY?
On 3 years of weekly data the GD/SPY correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.36 over 3 years. The 5-year figure is 0.45, and annualized covariance runs at 108.9 %².
By 3-year correlation, SPY places #17 of the 30 assets tracked against GD. Their 12-month results are close: +18.8% for GD against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.19 and 0.60, a moderate band.
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.
GD vs SPY: side by side
| GD (General Dynamics) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.8% | +20.6% |
| 5-year return | +111.9% | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -22.5% | -18.8% |
| Market cap | $102.8B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 1.62% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | GD | SPY |
|---|---|---|
| 2022 | +21.7% | -18.2% |
| 2023 | +7.1% | +26.2% |
| 2024 | +3.5% | +24.9% |
| 2025 | +30.4% | +17.7% |
| 2026 | +14.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GD represents 0.15% of SPY's portfolio, so part of any move in SPY is GD itself, and the correlation between them is partly mechanical.
Are GD and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GD and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.22 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for GD?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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/gd-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gd-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GD correlations · SPY correlations
