GEG vs SPY: Correlation
Measured on weekly returns over the past three years, Great Elm Group, Inc. (GEG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEG and SPY?
Over the past 3 years, GEG and SPY moved with a correlation of 0.07, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.22) than the 3-year average (0.07). Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 31.1 %².
By 3-year correlation, SPY places #8 of the 16 assets tracked against GEG. The last year tells two different stories: SPY led by 31.0 percentage points, -10.4% for GEG against +20.6% for SPY. One caveat on sizing: GEG is 2.3 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.
GEG vs SPY: side by side
| GEG (Great Elm Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.4% | +20.6% |
| 5-year return | -7.3% | +82.4% |
| Volatility (ann.) | 33.0% | 14.5% |
| Beta vs S&P 500 | 0.15 | 1.00 |
| Max drawdown (3Y) | -41.4% | -18.8% |
| Market cap | $0.1B | – |
| 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 | GEG | SPY |
|---|---|---|
| 2022 | -3.3% | -18.2% |
| 2023 | -4.0% | +26.2% |
| 2024 | -6.7% | +24.9% |
| 2025 | +40.9% | +17.7% |
| 2026 | -15.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEG and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GEG and SPY?
As of 2026-08-27, the correlation of weekly returns between GEG and SPY is 0.07 over 3 years, 0.22 over 1 year and 0.07 over 5 years.
Is SPY a good diversifier for GEG?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
A reading of 0.07 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: GEG correlations · SPY correlations
