GIC vs SPY: Correlation
Measured on weekly returns over the past three years, Global Industrial Company (GIC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIC and SPY?
On 3 years of weekly data the GIC/SPY correlation comes out at 0.34, moderate. The past 12 months show a weaker link (0.07) than the 3-year average (0.34). The 5-year figure is 0.44, and annualized covariance runs at 174.5 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against GIC. On 12-month performance SPY holds a 11.9-point edge, +8.7% against +20.6%. One caveat on sizing: GIC is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GIC vs SPY: side by side
| GIC (Global Industrial Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.7% | +20.6% |
| 5-year return | +21.2% | +82.4% |
| Volatility (ann.) | 35.8% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -53.2% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 2.74% | 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 | GIC | SPY |
|---|---|---|
| 2022 | -41.0% | -18.2% |
| 2023 | +69.7% | +26.2% |
| 2024 | -34.3% | +24.9% |
| 2025 | +22.4% | +17.7% |
| 2026 | +39.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GIC and SPY?
The GIC/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.07, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GIC?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 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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Hubs: GIC correlations · SPY correlations
