GLAD vs SPY: Correlation
How closely do Gl (GLAD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLAD and SPY?
Across a 3-year window, the weekly returns of GLAD and SPY correlate at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 156.5 %².
Within GLAD's tracked universe of 15 assets, SPY comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.3 points (-16.7% versus +20.6%). One caveat on sizing: GLAD is 1.6 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.
GLAD vs SPY: side by side
| GLAD (Gl) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.7% | +20.6% |
| 5-year return | +32.9% | +82.4% |
| Volatility (ann.) | 22.7% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -39.6% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 9.35% | 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 | GLAD | SPY |
|---|---|---|
| 2022 | -10.4% | -18.2% |
| 2023 | +22.7% | +26.2% |
| 2024 | +47.0% | +24.9% |
| 2025 | -21.1% | +17.7% |
| 2026 | +2.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLAD and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GLAD and SPY?
As of 2026-08-27, the correlation of weekly returns between GLAD and SPY is 0.48 over 3 years, 0.44 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for GLAD?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GLAD correlations · SPY correlations
