GPGI vs SPY: Correlation
How closely do GPGI, Inc. (GPGI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPGI and SPY?
On 3 years of weekly data the GPGI/SPY correlation comes out at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 238.8 %².
Within GPGI's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 53.8 percentage points (-33.2% for GPGI against +20.6% for SPY). Note the risk asymmetry: GPGI runs 3.7 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.
GPGI vs SPY: side by side
| GPGI (GPGI, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.2% | +20.6% |
| 5-year return | +66.0% | +82.4% |
| Volatility (ann.) | 53.8% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -55.7% | -18.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.04% | 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 | GPGI | SPY |
|---|---|---|
| 2022 | -40.2% | -18.2% |
| 2023 | +10.0% | +26.2% |
| 2024 | +197.3% | +24.9% |
| 2025 | +51.4% | +17.7% |
| 2026 | -31.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPGI and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GPGI and SPY?
The GPGI/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.31, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GPGI?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: GPGI correlations · SPY correlations
