GNRC vs SPY: Correlation
Generac (GNRC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNRC and SPY?
Across a 3-year window, the weekly returns of GNRC and SPY correlate at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.42). Stretching to 5 years gives 0.49, with an annualized covariance of 281.5 %².
Within GNRC's tracked universe of 35 assets, SPY comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.1 percentage points (+5.5% for GNRC against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.06 to 0.66. Risk is not evenly split, since GNRC carries 3.2 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.
GNRC vs SPY: side by side
| GNRC (Generac) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.5% | +20.6% |
| 5-year return | -55.4% | +82.4% |
| Volatility (ann.) | 46.1% | 14.5% |
| Beta vs S&P 500 | 1.35 | 1.00 |
| Max drawdown (3Y) | -47.8% | -18.8% |
| Market cap | $11.6B | – |
| P/E (trailing) | 47.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | GNRC | SPY |
|---|---|---|
| 2022 | -71.4% | -18.2% |
| 2023 | +28.4% | +26.2% |
| 2024 | +20.0% | +24.9% |
| 2025 | -12.0% | +17.7% |
| 2026 | +44.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNRC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GNRC and SPY?
The GNRC/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.25, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GNRC?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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: GNRC correlations · SPY correlations
