GHC vs SPY: Correlation
Graham Holdings Company (GHC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHC and SPY?
On 3 years of weekly data the GHC/SPY correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.42 over 3. The 5-year figure is 0.46, and annualized covariance runs at 163.0 %².
SPY is close to the least connected end of GHC's tracked universe, ranking #12 of 16. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.4 points (+5.2% versus +20.6%). Note the risk asymmetry: GHC runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GHC vs SPY: side by side
| GHC (Graham Holdings Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.2% | +20.6% |
| 5-year return | +94.6% | +82.4% |
| Volatility (ann.) | 26.8% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -19.8% | -18.8% |
| Market cap | $4.8B | – |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 0.63% | 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 | GHC | SPY |
|---|---|---|
| 2022 | -3.0% | -18.2% |
| 2023 | +16.6% | +26.2% |
| 2024 | +26.3% | +24.9% |
| 2025 | +27.0% | +17.7% |
| 2026 | +4.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHC and SPY good diversifiers for each other?
Reasonably. At 0.42, GHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GHC and SPY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.33 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for GHC?
Reasonably. At 0.42, GHC 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: GHC correlations · SPY correlations
