GIBO vs SPY: Correlation
How closely do GIBO Holdings Limited - Class A (GIBO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIBO and SPY?
Over the past 3 years, GIBO and SPY moved with a correlation of -0.05, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.03) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -83.8 %².
Within GIBO's tracked universe of 33 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 83.0 points (-62.4% versus +20.6%). Note the risk asymmetry: GIBO runs 8.0 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.
GIBO vs SPY: side by side
| GIBO (GIBO Holdings Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -62.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 116.5% | 14.5% |
| Beta vs S&P 500 | -0.40 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | GIBO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +7.8% | +24.9% |
| 2025 | -99.9% | +17.7% |
| 2026 | -38.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIBO and SPY good diversifiers for each other?
Yes: at -0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GIBO and SPY?
Using weekly returns as of 2026-08-27: -0.05 over 3 years, with -0.03 over the last year and n/a over 5 years.
Is SPY a good diversifier for GIBO?
Yes: at -0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.05 mean?
On the −1 to +1 scale, -0.05 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GIBO correlations · SPY correlations
