GJS vs SPY: Correlation
Measured on weekly returns over the past three years, Goldman Sachs Group Securities STRATS Trust for Goldman (GJS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJS and SPY?
On 3 years of weekly data the GJS/SPY correlation comes out at 0.06, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.02 lands near the 3-year figure. The 5-year figure is 0.07, and annualized covariance runs at 6.1 %².
By 3-year correlation, SPY places #6 of the 15 assets tracked against GJS. Over the last 12 months SPY came out ahead by 14.3 percentage points (+6.3% against +20.6%). Risk is not evenly split, since SPY carries 2.0 times the volatility of the other side.
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.
GJS vs SPY: side by side
| GJS (Goldman Sachs Group Securities STRATS Trust for Goldman) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.3% | +20.6% |
| 5-year return | +42.1% | +82.4% |
| Volatility (ann.) | 7.2% | 14.5% |
| Beta vs S&P 500 | 0.03 | 1.00 |
| Max drawdown (3Y) | -3.9% | -18.8% |
| Dividend yield | – | 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 | GJS | SPY |
|---|---|---|
| 2022 | +0.8% | -18.2% |
| 2023 | +11.1% | +26.2% |
| 2024 | +10.2% | +24.9% |
| 2025 | +8.4% | +17.7% |
| 2026 | +3.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between GJS and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.02 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for GJS?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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: GJS correlations · SPY correlations
