GLU vs SPY: Correlation
How closely do Gabelli Global Utility (GLU) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLU and SPY?
Across a 3-year window, the weekly returns of GLU and SPY correlate at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 94.3 %².
Out of 12 assets tracked against GLU, SPY lands near the bottom at #8. On 12-month performance SPY holds a 5.1-point edge, +15.5% against +20.6%.
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.
GLU vs SPY: side by side
| GLU (Gabelli Global Utility) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.5% | +20.6% |
| 5-year return | +33.9% | +82.4% |
| Volatility (ann.) | 16.8% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -17.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 6.22% | 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 | GLU | SPY |
|---|---|---|
| 2022 | -28.1% | -18.2% |
| 2023 | +2.1% | +26.2% |
| 2024 | +23.6% | +24.9% |
| 2025 | +37.9% | +17.7% |
| 2026 | +5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLU and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GLU and SPY?
The GLU/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.32, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GLU?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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: GLU correlations · SPY correlations
