GLD vs SPY: Correlation
How closely do SPDR Gold Shares (GLD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and SPY?
Across a 3-year window, the weekly returns of GLD and SPY correlate at 0.14, weak. The link has tightened recently: the 1-year correlation (0.39) runs above the 3-year figure (0.14). Stretching to 5 years gives 0.17, with an annualized covariance of 36.7 %².
Within GLD's tracked universe of 30 assets, SPY comes in at #17 by 3-year correlation. The trailing year gives GLD the advantage: +35.1% versus +20.6%, a 14.5-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.09 and 0.42 over the past three years, so this pair behaves very differently depending on the market environment.
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.
GLD vs SPY: side by side
| GLD (SPDR Gold Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.1% | +20.6% |
| 5-year return | +149.5% | +82.4% |
| Volatility (ann.) | 18.7% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -26.4% | -18.8% |
| Dividend yield | – | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | ETF · Commodities | 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 | GLD | SPY |
|---|---|---|
| 2022 | -0.8% | -18.2% |
| 2023 | +12.7% | +26.2% |
| 2024 | +26.7% | +24.9% |
| 2025 | +63.7% | +17.7% |
| 2026 | +6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GLD and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.39 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for GLD?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: GLD correlations · SPY correlations
