GNK vs SPY: Correlation
Genco Shipping & Trading Limited (GNK) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNK and SPY?
On 3 years of weekly data the GNK/SPY correlation comes out at 0.43, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.23 versus 0.43 over 3 years. The 5-year figure is 0.33, and annualized covariance runs at 204.1 %².
SPY is close to the least connected end of GNK's tracked universe, ranking #9 of 13. The last year tells two different stories: GNK led by 43.0 percentage points, +63.6% for GNK against +20.6% for SPY. Note the risk asymmetry: GNK runs 2.3 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.
GNK vs SPY: side by side
| GNK (Genco Shipping & Trading Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +63.6% | +20.6% |
| 5-year return | +93.4% | +82.4% |
| Volatility (ann.) | 33.1% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -47.1% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 28.4 | – |
| Dividend yield | 6.97% | 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 | GNK | SPY |
|---|---|---|
| 2022 | +11.4% | -18.2% |
| 2023 | +14.4% | +26.2% |
| 2024 | -8.9% | +24.9% |
| 2025 | +39.1% | +17.7% |
| 2026 | +49.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNK and SPY good diversifiers for each other?
Reasonably. At 0.43, GNK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GNK and SPY?
As of 2026-08-27, the correlation of weekly returns between GNK and SPY is 0.43 over 3 years, 0.23 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for GNK?
Reasonably. At 0.43, GNK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: GNK correlations · SPY correlations
