GLBE vs SPY: Correlation
Measured on weekly returns over the past three years, Global-E Online Ltd. (GLBE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLBE and SPY?
Across a 3-year window, the weekly returns of GLBE and SPY correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives 0.49, with an annualized covariance of 342.0 %².
Within GLBE's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. Their 12-month results are close: +19.4% for GLBE against +20.6% for SPY. Risk is not evenly split, since GLBE carries 3.5 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.
GLBE vs SPY: side by side
| GLBE (Global-E Online Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.4% | +20.6% |
| 5-year return | -51.4% | +82.4% |
| Volatility (ann.) | 51.3% | 14.5% |
| Beta vs S&P 500 | 1.64 | 1.00 |
| Max drawdown (3Y) | -56.2% | -18.8% |
| Market cap | $6.6B | – |
| P/E (trailing) | 44.4 | – |
| Dividend yield | 0.00% | 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 | GLBE | SPY |
|---|---|---|
| 2022 | -67.4% | -18.2% |
| 2023 | +92.0% | +26.2% |
| 2024 | +37.6% | +24.9% |
| 2025 | -27.9% | +17.7% |
| 2026 | +0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLBE and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GLBE and SPY?
As of 2026-08-27, the correlation of weekly returns between GLBE and SPY is 0.46 over 3 years, 0.42 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for GLBE?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: GLBE correlations · SPY correlations
