GPAT vs SPY: Correlation
Measured on weekly returns over the past three years, GP-Act III Acquisition Corp. - Class A (GPAT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPAT and SPY?
Across a 3-year window, the weekly returns of GPAT and SPY correlate at 0.23, weak. The past 12 months show a tighter link (0.34) than the 3-year average (0.23). Stretching to 5 years gives n/a, with an annualized covariance of 11.0 %².
By 3-year correlation, SPY places #9 of the 22 assets tracked against GPAT. The last year tells two different stories: SPY led by 17.2 percentage points, +3.4% for GPAT against +20.6% for SPY. One caveat on sizing: SPY is 4.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GPAT vs SPY: side by side
| GPAT (GP-Act III Acquisition Corp. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 3.2% | 14.5% |
| Beta vs S&P 500 | 0.05 | 1.00 |
| Max drawdown (3Y) | -2.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 44.6 | – |
| 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 | GPAT | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +5.4% | +17.7% |
| 2026 | +2.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPAT and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GPAT and SPY?
As of 2026-08-27, the correlation of weekly returns between GPAT and SPY is 0.23 over 3 years, 0.34 over 1 year and n/a over 5 years.
Is SPY a good diversifier for GPAT?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 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: GPAT correlations · SPY correlations
