GOOD vs SPY: Correlation
Gl (GOOD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOOD and SPY?
Across a 3-year window, the weekly returns of GOOD and SPY correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 140.5 %².
By 3-year correlation, SPY places #9 of the 16 assets tracked against GOOD. Over the last 12 months SPY came out ahead by 12.4 percentage points (+8.2% against +20.6%). Risk is not evenly split, since GOOD carries 1.5 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.
GOOD vs SPY: side by side
| GOOD (Gl) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.2% | +20.6% |
| 5-year return | -11.7% | +82.4% |
| Volatility (ann.) | 22.3% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -35.3% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 51.9 | – |
| Dividend yield | 9.22% | 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 | GOOD | SPY |
|---|---|---|
| 2022 | -22.5% | -18.2% |
| 2023 | -21.6% | +26.2% |
| 2024 | +33.3% | +24.9% |
| 2025 | -28.1% | +17.7% |
| 2026 | +29.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GOOD and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GOOD and SPY?
The GOOD/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.41, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GOOD?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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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Related comparisons
Hubs: GOOD correlations · SPY correlations
