GLBS vs SPY: Correlation
How closely do Globus Maritime Limited (GLBS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLBS and SPY?
On 3 years of weekly data the GLBS/SPY correlation comes out at 0.05, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.14 over 1 year against 0.05 over 3. The 5-year figure is 0.17, and annualized covariance runs at 50.4 %².
Among the 10 assets we track against GLBS, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: GLBS led by 226.5 percentage points, +247.1% for GLBS against +20.6% for SPY. One caveat on sizing: GLBS is 4.9 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.
GLBS vs SPY: side by side
| GLBS (Globus Maritime Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +247.1% | +20.6% |
| 5-year return | +17.2% | +82.4% |
| Volatility (ann.) | 71.4% | 14.5% |
| Beta vs S&P 500 | 0.24 | 1.00 |
| Max drawdown (3Y) | -66.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 11.6 | – |
| 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 | GLBS | SPY |
|---|---|---|
| 2022 | -50.0% | -18.2% |
| 2023 | +152.4% | +26.2% |
| 2024 | -55.8% | +24.9% |
| 2025 | +49.6% | +17.7% |
| 2026 | +106.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLBS and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GLBS and SPY?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.14 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for GLBS?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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: GLBS correlations · SPY correlations
