GPI vs SPY: Correlation
How closely do Group 1 Automotive, Inc. (GPI) 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 GPI and SPY?
Over the past 3 years, GPI and SPY moved with a correlation of 0.31, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.31 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 142.9 %².
SPY is close to the least connected end of GPI's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 65.4 percentage points (-44.8% for GPI against +20.6% for SPY). Risk is not evenly split, since GPI carries 2.2 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.
GPI vs SPY: side by side
| GPI (Group 1 Automotive, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.8% | +20.6% |
| 5-year return | +64.3% | +82.4% |
| Volatility (ann.) | 31.9% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -48.6% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 10.8 | – |
| 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 | GPI | SPY |
|---|---|---|
| 2022 | -6.9% | -18.2% |
| 2023 | +70.2% | +26.2% |
| 2024 | +39.1% | +24.9% |
| 2025 | -6.3% | +17.7% |
| 2026 | -33.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPI and SPY good diversifiers for each other?
Reasonably. At 0.31, GPI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GPI and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.08 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for GPI?
Reasonably. At 0.31, GPI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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: GPI correlations · SPY correlations
