GIS vs SPY: Correlation
How closely do General Mills (GIS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIS and SPY?
Over the past 3 years, GIS and SPY moved with a correlation of -0.03, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.01 over 1 year against -0.03 over 3. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is -9.7 %².
Among the 38 assets we track against GIS, SPY ranks #20 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 33.4 percentage points (-12.8% for GIS against +20.6% for SPY). On a rolling one-year basis the correlation drifted between -0.32 and 0.16, a moderate band.
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.
GIS vs SPY: side by side
| GIS (General Mills) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.8% | +20.6% |
| 5-year return | -14.6% | +82.4% |
| Volatility (ann.) | 20.6% | 14.5% |
| Beta vs S&P 500 | -0.05 | 1.00 |
| Max drawdown (3Y) | -53.4% | -18.8% |
| Market cap | $21.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.09% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | GIS | SPY |
|---|---|---|
| 2022 | +28.1% | -18.2% |
| 2023 | -20.0% | +26.2% |
| 2024 | +1.4% | +24.9% |
| 2025 | -23.7% | +17.7% |
| 2026 | -8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIS and SPY good diversifiers for each other?
Yes. With a correlation of -0.03, GIS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GIS and SPY?
Using weekly returns as of 2026-08-27: -0.03 over 3 years, with 0.01 over the last year and 0.04 over 5 years.
Is SPY a good diversifier for GIS?
Yes. With a correlation of -0.03, GIS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.03 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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Related comparisons
Hubs: GIS correlations · SPY correlations
