GO vs SPY: Correlation
How closely do Grocery Outlet Holding Corp. (GO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GO and SPY?
On 3 years of weekly data the GO/SPY correlation comes out at 0.21, weak. Recent behaviour matches the longer record: 0.25 over 1 year against 0.21 over 3. The 5-year figure is 0.20, and annualized covariance runs at 158.2 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against GO. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 57.4 percentage points (-36.8% for GO against +20.6% for SPY). Risk is not evenly split, since GO carries 3.6 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.
GO vs SPY: side by side
| GO (Grocery Outlet Holding Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.8% | +20.6% |
| 5-year return | -54.0% | +82.4% |
| Volatility (ann.) | 52.6% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -81.7% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | GO | SPY |
|---|---|---|
| 2022 | +3.2% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | -42.1% | +24.9% |
| 2025 | -35.3% | +17.7% |
| 2026 | +15.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GO and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.25 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for GO?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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: GO correlations · SPY correlations
