GILD vs SPY: Correlation
Measured on weekly returns over the past three years, Gilead Sciences (GILD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GILD and SPY?
Across a 3-year window, the weekly returns of GILD and SPY correlate at 0.20, weak. The past 12 months show a weaker link (0.03) than the 3-year average (0.20). Stretching to 5 years gives 0.29, with an annualized covariance of 69.0 %².
By 3-year correlation, SPY places #19 of the 30 assets tracked against GILD. On 12-month performance GILD holds a 13.5-point edge, +34.1% against +20.6%. Across three years, the rolling one-year figure varied moderately, from 0.06 to 0.46. One caveat on sizing: GILD is 1.7 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.
GILD vs SPY: side by side
| GILD (Gilead Sciences) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.1% | +20.6% |
| 5-year return | +148.1% | +82.4% |
| Volatility (ann.) | 24.1% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -26.6% | -18.8% |
| Market cap | $184.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.17% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | GILD | SPY |
|---|---|---|
| 2022 | +23.6% | -18.2% |
| 2023 | -2.0% | +26.2% |
| 2024 | +18.7% | +24.9% |
| 2025 | +36.6% | +17.7% |
| 2026 | +22.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.28% of SPY is GILD itself, so the fund partly moves with the stock by construction.
Are GILD and SPY good diversifiers for each other?
Reasonably. At 0.20, GILD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GILD and SPY?
As of 2026-08-27, the correlation of weekly returns between GILD and SPY is 0.20 over 3 years, 0.03 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for GILD?
Reasonably. At 0.20, GILD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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: GILD correlations · SPY correlations
