GGN vs SPY: Correlation
How closely do GAMCO Global Gold, Natural Resources & Income Trust (GGN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGN and SPY?
Over the past 3 years, GGN and SPY moved with a correlation of 0.28, which is weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 74.8 %².
Out of 17 assets tracked against GGN, SPY lands near the bottom at #13. The trailing year gives GGN the advantage: +28.6% versus +20.6%, a 8.0-point spread.
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.
GGN vs SPY: side by side
| GGN (GAMCO Global Gold, Natural Resources & Income Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.6% | +20.6% |
| 5-year return | +128.2% | +82.4% |
| Volatility (ann.) | 18.5% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -16.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 6.36% | 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 | GGN | SPY |
|---|---|---|
| 2022 | +6.8% | -18.2% |
| 2023 | +14.1% | +26.2% |
| 2024 | +9.6% | +24.9% |
| 2025 | +48.2% | +17.7% |
| 2026 | +15.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGN 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 GGN and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.29 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for GGN?
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?
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: GGN correlations · SPY correlations
