GP vs SPY: Correlation
How closely do GreenPower Motor Company Inc. (GP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GP and SPY?
On 3 years of weekly data the GP/SPY correlation comes out at 0.24, weak. Little has changed lately, as the 1-year reading of 0.21 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 367.7 %².
Among the 12 assets we track against GP, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 81.9 percentage points (-61.3% for GP against +20.6% for SPY). Risk is not evenly split, since GP carries 7.2 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.
GP vs SPY: side by side
| GP (GreenPower Motor Company Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -61.3% | +20.6% |
| 5-year return | -99.0% | +82.4% |
| Volatility (ann.) | 104.8% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -98.0% | -18.8% |
| Market cap | – | – |
| 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 | GP | SPY |
|---|---|---|
| 2022 | -81.8% | -18.2% |
| 2023 | +80.9% | +26.2% |
| 2024 | -75.4% | +24.9% |
| 2025 | -89.9% | +17.7% |
| 2026 | +71.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GP and SPY good diversifiers for each other?
Reasonably. At 0.24, GP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GP and SPY?
The GP/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.21, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GP?
Reasonably. At 0.24, GP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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: GP correlations · SPY correlations
