GROW vs SPY: Correlation
How closely do U.S. Global Investors, Inc. (GROW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GROW and SPY?
Over the past 3 years, GROW and SPY moved with a correlation of 0.29, which is weak. Recent behaviour matches the longer record: 0.31 over 1 year against 0.29 over 3. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 119.5 %².
Among the 11 assets we track against GROW, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GROW outperformed by 22.3 percentage points (+42.9% for GROW against +20.6% for SPY). One caveat on sizing: GROW is 2.0 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.
GROW vs SPY: side by side
| GROW (U.S. Global Investors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.9% | +20.6% |
| 5-year return | -37.2% | +82.4% |
| Volatility (ann.) | 28.4% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -32.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 2.69% | 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 | GROW | SPY |
|---|---|---|
| 2022 | -32.6% | -18.2% |
| 2023 | +0.9% | +26.2% |
| 2024 | -10.2% | +24.9% |
| 2025 | +2.9% | +17.7% |
| 2026 | +42.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GROW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GROW and SPY?
The GROW/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.31, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GROW?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GROW correlations · SPY correlations
