GPN vs SPY: Correlation
How closely do Global Payments (GPN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPN and SPY?
Over the past 3 years, GPN and SPY moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 255.6 %².
Among the 39 assets we track against GPN, SPY ranks #19 by 3-year correlation. Over the last 12 months SPY came out ahead by 13.6 percentage points (+7.0% against +20.6%). The rolling one-year correlation moved between 0.29 and 0.62 over the past three years, a moderate range. Note the risk asymmetry: GPN runs 2.5 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.
GPN vs SPY: side by side
| GPN (Global Payments) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.0% | +20.6% |
| 5-year return | -39.6% | +82.4% |
| Volatility (ann.) | 35.9% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -54.0% | -18.8% |
| Market cap | $24.5B | – |
| P/E (trailing) | 44.0 | – |
| Dividend yield | 1.08% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | GPN | SPY |
|---|---|---|
| 2022 | -25.9% | -18.2% |
| 2023 | +29.0% | +26.2% |
| 2024 | -11.0% | +24.9% |
| 2025 | -30.1% | +17.7% |
| 2026 | +20.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPN and SPY good diversifiers for each other?
Reasonably. At 0.49, GPN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GPN and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.39 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for GPN?
Reasonably. At 0.49, GPN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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: GPN correlations · SPY correlations
