GRAB vs SPY: Correlation
Measured on weekly returns over the past three years, Grab Holdings Limited - Class A (GRAB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRAB and SPY?
Over the past 3 years, GRAB and SPY moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.64 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 294.6 %².
By 3-year correlation, SPY places #6 of the 17 assets tracked against GRAB. The last year tells two different stories: SPY led by 48.1 percentage points, -27.5% for GRAB against +20.6% for SPY. Risk is not evenly split, since GRAB carries 2.6 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.
GRAB vs SPY: side by side
| GRAB (Grab Holdings Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -27.5% | +20.6% |
| 5-year return | -65.8% | +82.4% |
| Volatility (ann.) | 37.6% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -49.3% | -18.8% |
| Market cap | $14.7B | – |
| P/E (trailing) | 32.6 | – |
| 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 | GRAB | SPY |
|---|---|---|
| 2022 | -54.8% | -18.2% |
| 2023 | +4.7% | +26.2% |
| 2024 | +40.1% | +24.9% |
| 2025 | +5.7% | +17.7% |
| 2026 | -28.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRAB and SPY good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GRAB and SPY?
As of 2026-08-27, the correlation of weekly returns between GRAB and SPY is 0.54 over 3 years, 0.64 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for GRAB?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GRAB correlations · SPY correlations
