GNTX vs SPY: Correlation
Gentex Corporation (GNTX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNTX and SPY?
Over the past 3 years, GNTX and SPY moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.36). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 128.0 %².
Among the 12 assets we track against GNTX, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.8 points (-17.2% versus +20.6%). Note the risk asymmetry: GNTX runs 1.7 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.
GNTX vs SPY: side by side
| GNTX (Gentex Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.2% | +20.6% |
| 5-year return | -18.8% | +82.4% |
| Volatility (ann.) | 24.9% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -43.0% | -18.8% |
| Market cap | $4.9B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 2.01% | 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 | GNTX | SPY |
|---|---|---|
| 2022 | -20.4% | -18.2% |
| 2023 | +21.8% | +26.2% |
| 2024 | -10.7% | +24.9% |
| 2025 | -17.4% | +17.7% |
| 2026 | +0.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNTX and SPY good diversifiers for each other?
Reasonably. At 0.36, GNTX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GNTX and SPY?
As of 2026-08-27, the correlation of weekly returns between GNTX and SPY is 0.36 over 3 years, 0.19 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for GNTX?
Reasonably. At 0.36, GNTX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GNTX correlations · SPY correlations
