GNE vs SPY: Correlation
Measured on weekly returns over the past three years, Genie Energy Ltd. (GNE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNE and SPY?
Across a 3-year window, the weekly returns of GNE and SPY correlate at 0.07, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.05) sits close to the 3-year figure. Stretching to 5 years gives 0.04, with an annualized covariance of 38.4 %².
Among the 10 assets we track against GNE, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.9 percentage points (+0.7% for GNE against +20.6% for SPY). Note the risk asymmetry: GNE runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GNE vs SPY: side by side
| GNE (Genie Energy Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.7% | +20.6% |
| 5-year return | +155.5% | +82.4% |
| Volatility (ann.) | 37.4% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -55.5% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 2.00% | 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 | GNE | SPY |
|---|---|---|
| 2022 | +95.3% | -18.2% |
| 2023 | +177.3% | +26.2% |
| 2024 | -43.6% | +24.9% |
| 2025 | -9.9% | +17.7% |
| 2026 | +9.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNE and SPY good diversifiers for each other?
Yes. With a correlation of 0.07, GNE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GNE and SPY?
The GNE/SPY correlation stands at 0.07 on a 3-year window (1 year: 0.05, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GNE?
Yes. With a correlation of 0.07, GNE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.07 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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Hubs: GNE correlations · SPY correlations
