GMED vs SPY: Correlation
Measured on weekly returns over the past three years, Globus Medical, Inc. (GMED) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GMED and SPY?
On 3 years of weekly data the GMED/SPY correlation comes out at 0.26, weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.26). The 5-year figure is 0.40, and annualized covariance runs at 154.0 %².
By 3-year correlation, SPY places #9 of the 15 assets tracked against GMED. Over the last 12 months GMED came out ahead by 13.6 percentage points (+34.2% against +20.6%). One caveat on sizing: GMED is 2.9 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.
GMED vs SPY: side by side
| GMED (Globus Medical, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.2% | +20.6% |
| 5-year return | +0.4% | +82.4% |
| Volatility (ann.) | 41.6% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -44.4% | -18.8% |
| Market cap | $11.1B | – |
| P/E (trailing) | 21.1 | – |
| 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 | GMED | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | -28.2% | +26.2% |
| 2024 | +55.2% | +24.9% |
| 2025 | +5.6% | +17.7% |
| 2026 | -5.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GMED and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GMED and SPY?
As of 2026-08-27, the correlation of weekly returns between GMED and SPY is 0.26 over 3 years, 0.02 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for GMED?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GMED correlations · SPY correlations
