GEV vs SPY: Correlation
GE Vernova (GEV) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEV and SPY?
On 3 years of weekly data the GEV/SPY correlation comes out at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.43). The 5-year figure is n/a, and annualized covariance runs at 295.7 %².
By 3-year correlation, SPY places #19 of the 33 assets tracked against GEV. The last year tells two different stories: GEV led by 33.0 percentage points, +53.6% for GEV against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.17 and 0.62, a moderate band. Risk is not evenly split, since GEV carries 3.2 times the volatility of the other side.
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.
GEV vs SPY: side by side
| GEV (GE Vernova) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 45.8% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -38.3% | -18.8% |
| Market cap | $254.0B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 0.18% | 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 | GEV | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +99.0% | +17.7% |
| 2026 | +46.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GEV represents 0.39% of SPY's portfolio, so part of any move in SPY is GEV itself, and the correlation between them is partly mechanical.
Are GEV and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GEV and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.24 over the last year and n/a over 5 years.
Is SPY a good diversifier for GEV?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GEV correlations · SPY correlations
