GLQ vs SPY: Correlation
Clough Global Equity Fund (GLQ) and SPDR S&P 500 ETF Trust (SPY) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLQ and SPY?
Over the past 3 years, GLQ and SPY moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.79 over 1 year against 0.87 over 3. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 208.7 %².
By 3-year correlation, SPY places #4 of the 21 assets tracked against GLQ. Their 12-month results are close: +21.6% for GLQ against +20.6% for SPY.
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.
GLQ vs SPY: side by side
| GLQ (Clough Global Equity Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.6% | +20.6% |
| 5-year return | -3.8% | +82.4% |
| Volatility (ann.) | 16.6% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -19.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 9.99% | 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 | GLQ | SPY |
|---|---|---|
| 2022 | -42.3% | -18.2% |
| 2023 | +2.8% | +26.2% |
| 2024 | +25.2% | +24.9% |
| 2025 | +28.5% | +17.7% |
| 2026 | +13.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLQ and SPY good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GLQ and SPY?
As of 2026-08-27, the correlation of weekly returns between GLQ and SPY is 0.87 over 3 years, 0.79 over 1 year and 0.77 over 5 years.
Is SPY a good diversifier for GLQ?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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: GLQ correlations · SPY correlations
