GIL vs SPYV: Correlation
Measured on weekly returns over the past three years, Gildan Activewear, Inc. Class A Sub. Vot. (GIL) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIL and SPYV?
Across a 3-year window, the weekly returns of GIL and SPYV correlate at 0.54, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.54 over 3. Stretching to 5 years gives 0.55, with an annualized covariance of 206.6 %².
In GIL's tracked universe of 11 assets, SPYV sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months SPYV outperformed by 21.1 percentage points (-2.6% for GIL against +18.5% for SPYV). Note the risk asymmetry: GIL runs 2.6 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.
GIL vs SPYV: side by side
| GIL (Gildan Activewear, Inc. Class A Sub. Vot.) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -2.6% | +18.5% |
| 5-year return | +52.0% | +73.5% |
| Volatility (ann.) | 31.8% | 12.1% |
| Beta vs S&P 500 | 1.02 | 0.70 |
| Max drawdown (3Y) | -31.3% | -17.5% |
| Market cap | $9.9B | – |
| P/E (trailing) | 41.6 | – |
| Dividend yield | 1.77% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | GIL | SPYV |
|---|---|---|
| 2022 | -33.9% | -5.3% |
| 2023 | +23.6% | +22.2% |
| 2024 | +45.3% | +12.2% |
| 2025 | +34.5% | +13.2% |
| 2026 | -13.6% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIL and SPYV good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GIL and SPYV?
The GIL/SPYV correlation stands at 0.54 on a 3-year window (1 year: 0.46, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for GIL?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gil-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gil-vs-spyv/)
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Related comparisons
Hubs: GIL correlations · SPYV correlations
