GDHG vs SPY: Correlation
Measured on weekly returns over the past three years, Golden Heaven Group Holdings Ltd. - Class A (GDHG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDHG and SPY?
Over the past 3 years, GDHG and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.21) than the 3-year average (0.09). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 250.3 %².
Among the 13 assets we track against GDHG, SPY ranks #7 by 3-year correlation. The last year tells two different stories: SPY led by 98.0 percentage points, -77.4% for GDHG against +20.6% for SPY. Note the risk asymmetry: GDHG runs 14.0 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.
GDHG vs SPY: side by side
| GDHG (Golden Heaven Group Holdings Ltd. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -77.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 203.3% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | GDHG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -93.7% | +24.9% |
| 2025 | -99.8% | +17.7% |
| 2026 | -31.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDHG and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.09 means the two rarely move for the same reasons.
FAQ
What is the correlation between GDHG and SPY?
Using weekly returns as of 2026-08-27: 0.09 over 3 years, with 0.21 over the last year and n/a over 5 years.
Is SPY a good diversifier for GDHG?
By historical standards, yes. A correlation of 0.09 means the two rarely move for the same reasons.
What does a correlation of 0.09 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdhg-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdhg-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDHG correlations · SPY correlations
