GFS vs SPY: Correlation
GlobalFoundries Inc. (GFS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFS and SPY?
Across a 3-year window, the weekly returns of GFS and SPY correlate at 0.54, moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.54). Stretching to 5 years gives 0.57, with an annualized covariance of 353.4 %².
Within GFS's tracked universe of 17 assets, SPY comes in at #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GFS ahead by 16.0 points (+36.6% versus +20.6%). Risk is not evenly split, since GFS carries 3.1 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.
GFS vs SPY: side by side
| GFS (GlobalFoundries Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.6% | +20.6% |
| 5-year return | +0.0% | +82.4% |
| Volatility (ann.) | 44.9% | 14.5% |
| Beta vs S&P 500 | 1.69 | 1.00 |
| Max drawdown (3Y) | -51.2% | -18.8% |
| Market cap | $25.4B | – |
| P/E (trailing) | 35.6 | – |
| Dividend yield | 0.26% | 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 | GFS | SPY |
|---|---|---|
| 2022 | -17.1% | -18.2% |
| 2023 | +12.5% | +26.2% |
| 2024 | -29.2% | +24.9% |
| 2025 | -18.6% | +17.7% |
| 2026 | +32.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFS and SPY good diversifiers for each other?
Only partially. A correlation of 0.54 means GFS and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GFS and SPY?
As of 2026-08-27, the correlation of weekly returns between GFS and SPY is 0.54 over 3 years, 0.39 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for GFS?
Only partially. A correlation of 0.54 means GFS and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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: GFS correlations · SPY correlations
