GE vs SPY: Correlation
How closely do GE Aerospace (GE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GE and SPY?
Across a 3-year window, the weekly returns of GE and SPY correlate at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.58). Stretching to 5 years gives 0.59, with an annualized covariance of 258.3 %².
Among the 32 assets we track against GE, SPY ranks #10 by 3-year correlation. Over the last 12 months GE came out ahead by 5.4 percentage points (+26.0% against +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.80. One caveat on sizing: GE is 2.1 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.
GE vs SPY: side by side
| GE (GE Aerospace) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.0% | +20.6% |
| 5-year return | +435.6% | +82.4% |
| Volatility (ann.) | 30.9% | 14.5% |
| Beta vs S&P 500 | 1.24 | 1.00 |
| Max drawdown (3Y) | -21.4% | -18.8% |
| Market cap | $355.6B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.47% | 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 | GE | SPY |
|---|---|---|
| 2022 | -10.9% | -18.2% |
| 2023 | +95.7% | +26.2% |
| 2024 | +64.8% | +24.9% |
| 2025 | +85.7% | +17.7% |
| 2026 | +11.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds GE at a 0.56% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GE and SPY good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GE and SPY?
As of 2026-08-27, the correlation of weekly returns between GE and SPY is 0.58 over 3 years, 0.41 over 1 year and 0.59 over 5 years.
Is SPY a good diversifier for GE?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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: GE correlations · SPY correlations
