GDYN vs SPY: Correlation
Grid Dynamics Holdings, Inc. (GDYN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDYN and SPY?
On 3 years of weekly data the GDYN/SPY correlation comes out at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 321.9 %².
Among the 16 assets we track against GDYN, SPY ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.8 points (-2.2% versus +20.6%). One caveat on sizing: GDYN is 3.3 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.
GDYN vs SPY: side by side
| GDYN (Grid Dynamics Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.2% | +20.6% |
| 5-year return | -70.4% | +82.4% |
| Volatility (ann.) | 48.4% | 14.5% |
| Beta vs S&P 500 | 1.54 | 1.00 |
| Max drawdown (3Y) | -78.3% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 263.0 | – |
| 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 | GDYN | SPY |
|---|---|---|
| 2022 | -70.5% | -18.2% |
| 2023 | +18.8% | +26.2% |
| 2024 | +66.8% | +24.9% |
| 2025 | -59.4% | +17.7% |
| 2026 | -12.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDYN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GDYN and SPY?
As of 2026-08-27, the correlation of weekly returns between GDYN and SPY is 0.46 over 3 years, 0.47 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for GDYN?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GDYN correlations · SPY correlations
