GRMN vs SPY: Correlation
Garmin (GRMN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and SPY?
Across a 3-year window, the weekly returns of GRMN and SPY correlate at 0.44, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.44). Stretching to 5 years gives 0.51, with an annualized covariance of 221.2 %².
Within GRMN's tracked universe of 36 assets, SPY comes in at #20 by 3-year correlation. Their 12-month results are close: +25.1% for GRMN against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.09 to 0.71. One caveat on sizing: GRMN is 2.4 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.
GRMN vs SPY: side by side
| GRMN (Garmin) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.1% | +20.6% |
| 5-year return | +80.9% | +82.4% |
| Volatility (ann.) | 34.7% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -28.0% | -18.8% |
| Market cap | $55.9B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 1.45% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | GRMN | SPY |
|---|---|---|
| 2022 | -30.2% | -18.2% |
| 2023 | +43.1% | +26.2% |
| 2024 | +63.3% | +24.9% |
| 2025 | -0.1% | +17.7% |
| 2026 | +44.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.07% of SPY is GRMN itself, so the fund partly moves with the stock by construction.
Are GRMN and SPY good diversifiers for each other?
Reasonably. At 0.44, GRMN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GRMN and SPY?
The GRMN/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.32, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GRMN?
Reasonably. At 0.44, GRMN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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: GRMN correlations · SPY correlations
