GRBK vs SPY: Correlation
How closely do Green Brick Partners, Inc. (GRBK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRBK and SPY?
Over the past 3 years, GRBK and SPY moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 223.6 %².
Among the 27 assets we track against GRBK, SPY sits near the bottom by co-movement, at rank #23. The last year tells two different stories: SPY led by 16.1 percentage points, +4.5% for GRBK against +20.6% for SPY. Risk is not evenly split, since GRBK 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.
GRBK vs SPY: side by side
| GRBK (Green Brick Partners, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.5% | +20.6% |
| 5-year return | +186.8% | +82.4% |
| Volatility (ann.) | 37.3% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -36.1% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 11.1 | – |
| 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 | GRBK | SPY |
|---|---|---|
| 2022 | -20.1% | -18.2% |
| 2023 | +114.4% | +26.2% |
| 2024 | +8.8% | +24.9% |
| 2025 | +10.9% | +17.7% |
| 2026 | +16.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRBK and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GRBK and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.29 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for GRBK?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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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Hubs: GRBK correlations · SPY correlations
