GRC vs SPY: Correlation
How closely do Gorman-Rupp Company (The) (GRC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRC and SPY?
On 3 years of weekly data the GRC/SPY correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.40 over 3 years. The 5-year figure is 0.43, and annualized covariance runs at 178.2 %².
Among the 14 assets we track against GRC, SPY sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with GRC ahead by 61.8 points (+82.4% versus +20.6%). Note the risk asymmetry: GRC runs 2.1 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.
GRC vs SPY: side by side
| GRC (Gorman-Rupp Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +82.4% | +20.6% |
| 5-year return | +143.0% | +82.4% |
| Volatility (ann.) | 30.6% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -26.9% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 32.7 | – |
| Dividend yield | 0.97% | 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 | GRC | SPY |
|---|---|---|
| 2022 | -41.2% | -18.2% |
| 2023 | +42.2% | +26.2% |
| 2024 | +8.9% | +24.9% |
| 2025 | +28.2% | +17.7% |
| 2026 | +63.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRC and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GRC and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.14 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for GRC?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GRC correlations · SPY correlations
