GPN vs SPYV: Correlation
Global Payments (GPN) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPN and SPYV?
Over the past 3 years, GPN and SPYV moved with a correlation of 0.58, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 252.9 %².
Among the 39 assets we track against GPN, SPYV ranks #5 by 3-year correlation. The trailing year gives SPYV the advantage: +7.0% versus +18.5%, a 11.5-point spread. On a rolling one-year basis the correlation drifted between 0.43 and 0.69, a moderate band. Note the risk asymmetry: GPN runs 3.0 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 SPYV: side by side
| GPN (Global Payments) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +7.0% | +18.5% |
| 5-year return | -39.6% | +73.5% |
| Volatility (ann.) | 35.9% | 12.1% |
| Beta vs S&P 500 | 1.22 | 0.70 |
| Max drawdown (3Y) | -54.0% | -17.5% |
| Market cap | $24.5B | – |
| P/E (trailing) | 44.0 | – |
| Dividend yield | 1.08% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Financials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | GPN | SPYV |
|---|---|---|
| 2022 | -25.9% | -5.3% |
| 2023 | +29.0% | +22.2% |
| 2024 | -11.0% | +12.2% |
| 2025 | -30.1% | +13.2% |
| 2026 | +20.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds GPN at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GPN and SPYV good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GPN and SPYV?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.50 over the last year and 0.57 over 5 years.
Is SPYV a good diversifier for GPN?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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.
Use this data
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Related comparisons
Hubs: GPN correlations · SPYV correlations
