GLRE vs SPY: Correlation
Measured on weekly returns over the past three years, Greenlight Reinsurance, Ltd. - Class A (GLRE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLRE and SPY?
Across a 3-year window, the weekly returns of GLRE and SPY correlate at 0.20, weak. The past 12 months show a weaker link (-0.20) than the 3-year average (0.20). Stretching to 5 years gives 0.28, with an annualized covariance of 68.0 %².
Among the 11 assets we track against GLRE, SPY sits near the bottom by co-movement, at rank #7. Neither side won the trailing year by much: +18.6% against +20.6%. One caveat on sizing: GLRE is 1.7 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.
GLRE vs SPY: side by side
| GLRE (Greenlight Reinsurance, Ltd. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.6% | +20.6% |
| 5-year return | +84.1% | +82.4% |
| Volatility (ann.) | 24.0% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -22.8% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.4 | – |
| 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 | GLRE | SPY |
|---|---|---|
| 2022 | +4.0% | -18.2% |
| 2023 | +40.1% | +26.2% |
| 2024 | +22.6% | +24.9% |
| 2025 | +4.1% | +17.7% |
| 2026 | +5.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLRE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GLRE and SPY?
The GLRE/SPY correlation stands at 0.20 on a 3-year window (1 year: -0.20, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GLRE?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 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: GLRE correlations · SPY correlations
