GRF vs SPY: Correlation
Measured on weekly returns over the past three years, Eagle Capital Growth Fund, Inc. (GRF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRF and SPY?
On 3 years of weekly data the GRF/SPY correlation comes out at 0.22, weak. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.22 over 3 years. The 5-year figure is 0.07, and annualized covariance runs at 63.8 %².
Among the 10 assets we track against GRF, SPY sits near the bottom by co-movement, at rank #6. Over the last 12 months SPY came out ahead by 10.9 percentage points (+9.7% against +20.6%).
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.
GRF vs SPY: side by side
| GRF (Eagle Capital Growth Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.7% | +20.6% |
| 5-year return | +56.2% | +82.4% |
| Volatility (ann.) | 19.6% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -17.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 8.10% | 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 | GRF | SPY |
|---|---|---|
| 2022 | -6.5% | -18.2% |
| 2023 | +14.9% | +26.2% |
| 2024 | +10.3% | +24.9% |
| 2025 | +19.1% | +17.7% |
| 2026 | -1.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRF and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GRF and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.10 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for GRF?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: GRF correlations · SPY correlations
