GLV vs SPY: Correlation
Clough Global Dividend and Income Fund (GLV) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLV and SPY?
Over the past 3 years, GLV and SPY moved with a correlation of 0.70, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.55 versus 0.70 over 3 years. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 124.3 %².
Within GLV's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Their 12-month results are close: +18.2% for GLV 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.
GLV vs SPY: side by side
| GLV (Clough Global Dividend and Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.2% | +20.6% |
| 5-year return | -5.5% | +82.4% |
| Volatility (ann.) | 12.3% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -11.5% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 10.55% | 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 | GLV | SPY |
|---|---|---|
| 2022 | -31.9% | -18.2% |
| 2023 | -8.4% | +26.2% |
| 2024 | +18.0% | +24.9% |
| 2025 | +23.0% | +17.7% |
| 2026 | +10.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLV and SPY good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GLV and SPY?
As of 2026-08-27, the correlation of weekly returns between GLV and SPY is 0.70 over 3 years, 0.55 over 1 year and 0.64 over 5 years.
Is SPY a good diversifier for GLV?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 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: GLV correlations · SPY correlations
