GGB vs SPY: Correlation
Measured on weekly returns over the past three years, Gerdau S.A. (GGB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and SPY?
Over the past 3 years, GGB and SPY moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 213.1 %².
Within GGB's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GGB outperformed by 36.6 percentage points (+57.2% for GGB against +20.6% for SPY). Risk is not evenly split, since GGB carries 2.4 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.
GGB vs SPY: side by side
| GGB (Gerdau S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.2% | +20.6% |
| 5-year return | +55.7% | +82.4% |
| Volatility (ann.) | 34.9% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -44.2% | -18.8% |
| Market cap | $9.2B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | 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 | GGB | SPY |
|---|---|---|
| 2022 | +28.4% | -18.2% |
| 2023 | -1.9% | +26.2% |
| 2024 | -25.9% | +24.9% |
| 2025 | +30.9% | +17.7% |
| 2026 | +30.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and SPY good diversifiers for each other?
Reasonably. At 0.42, GGB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GGB and SPY?
The GGB/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.38, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GGB?
Reasonably. At 0.42, GGB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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: GGB correlations · SPY correlations
