GRML vs SPY: Correlation
Measured on weekly returns over the past three years, Greenland Mines Ltd (GRML) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRML and SPY?
Over the past 3 years, GRML and SPY moved with a correlation of 0.02, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.04 lands near the 3-year figure. Over 5 years the correlation is 0.02, and the annualized covariance of weekly returns is 452.4 %².
SPY is close to the least connected end of GRML's tracked universe, ranking #7 of 10. The last year tells two different stories: GRML led by 599.9 percentage points, +620.5% for GRML against +20.6% for SPY. One caveat on sizing: GRML is 103.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GRML vs SPY: side by side
| GRML (Greenland Mines Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +620.5% | +20.6% |
| 5-year return | -46.8% | +82.4% |
| Volatility (ann.) | 1495.4% | 14.5% |
| Beta vs S&P 500 | 2.17 | 1.00 |
| Max drawdown (3Y) | -99.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | GRML | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +6.3% | +26.2% |
| 2024 | -95.5% | +24.9% |
| 2025 | -40.4% | +17.7% |
| 2026 | +1720.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRML and SPY good diversifiers for each other?
Yes. With a correlation of 0.02, GRML and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GRML and SPY?
Using weekly returns as of 2026-08-27: 0.02 over 3 years, with 0.04 over the last year and 0.02 over 5 years.
Is SPY a good diversifier for GRML?
Yes. With a correlation of 0.02, GRML and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.02 mean?
A reading of 0.02 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: GRML correlations · SPY correlations
