GDOT vs SPY: Correlation
How closely do Green Dot Corporation (GDOT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDOT and SPY?
Over the past 3 years, GDOT and SPY moved with a correlation of 0.22, which is weak. Little has changed lately, as the 1-year reading of 0.27 lands near the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 164.5 %².
Within GDOT's tracked universe of 14 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.8 points (-0.2% versus +20.6%). One caveat on sizing: GDOT is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GDOT vs SPY: side by side
| GDOT (Green Dot Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.2% | +20.6% |
| 5-year return | -74.3% | +82.4% |
| Volatility (ann.) | 51.2% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -58.0% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| 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 | GDOT | SPY |
|---|---|---|
| 2022 | -56.3% | -18.2% |
| 2023 | -37.4% | +26.2% |
| 2024 | +7.5% | +24.9% |
| 2025 | +20.4% | +17.7% |
| 2026 | +4.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDOT and SPY good diversifiers for each other?
Reasonably. At 0.22, GDOT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GDOT and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.27 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for GDOT?
Reasonably. At 0.22, GDOT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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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Related comparisons
Hubs: GDOT correlations · SPY correlations
