GEO vs SPY: Correlation
Measured on weekly returns over the past three years, Geo Group Inc (The) REIT (GEO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEO and SPY?
On 3 years of weekly data the GEO/SPY correlation comes out at 0.28, weak. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.28 over 3 years. The 5-year figure is 0.24, and annualized covariance runs at 254.7 %².
Within GEO's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: GEO led by 36.1 percentage points, +56.7% for GEO against +20.6% for SPY. One caveat on sizing: GEO is 4.3 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.
GEO vs SPY: side by side
| GEO (Geo Group Inc (The) REIT) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.7% | +20.6% |
| 5-year return | +328.4% | +82.4% |
| Volatility (ann.) | 62.4% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -62.5% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 15.5 | – |
| 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 | GEO | SPY |
|---|---|---|
| 2022 | +41.3% | -18.2% |
| 2023 | -1.1% | +26.2% |
| 2024 | +158.4% | +24.9% |
| 2025 | -42.4% | +17.7% |
| 2026 | +102.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEO and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GEO and SPY?
The GEO/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.16, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GEO?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 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: GEO correlations · SPY correlations
