GNL vs SPY: Correlation
Global Net Lease, Inc. (GNL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNL and SPY?
Across a 3-year window, the weekly returns of GNL and SPY correlate at 0.25, weak. The relationship has been stable: the 1-year correlation (0.19) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 104.9 %².
Out of 11 assets tracked against GNL, SPY lands near the bottom at #7. Over the last 12 months GNL came out ahead by 7.6 percentage points (+28.2% against +20.6%). Risk is not evenly split, since GNL carries 2.0 times the volatility of the other side.
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.
GNL vs SPY: side by side
| GNL (Global Net Lease, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.2% | +20.6% |
| 5-year return | -2.7% | +82.4% |
| Volatility (ann.) | 29.0% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -35.6% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.32% | 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 | GNL | SPY |
|---|---|---|
| 2022 | -7.5% | -18.2% |
| 2023 | -9.0% | +26.2% |
| 2024 | -15.3% | +24.9% |
| 2025 | +32.4% | +17.7% |
| 2026 | +13.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNL and SPY good diversifiers for each other?
Reasonably. At 0.25, GNL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GNL and SPY?
The GNL/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.19, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GNL?
Reasonably. At 0.25, GNL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: GNL correlations · SPY correlations
