GRRR vs SPY: Correlation
How closely do Gorilla Technology Group Inc. (GRRR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRRR and SPY?
Over the past 3 years, GRRR and SPY moved with a correlation of 0.24, which is weak. The link has tightened recently: the 1-year correlation (0.37) runs above the 3-year figure (0.24). Over 5 years the correlation is 0.05, and the annualized covariance of weekly returns is 400.3 %².
Among the 12 assets we track against GRRR, SPY sits near the bottom by co-movement, at rank #9. The last year tells two different stories: SPY led by 23.7 percentage points, -3.1% for GRRR against +20.6% for SPY. One caveat on sizing: GRRR is 8.1 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.
GRRR vs SPY: side by side
| GRRR (Gorilla Technology Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.1% | +20.6% |
| 5-year return | -84.2% | +82.4% |
| Volatility (ann.) | 116.9% | 14.5% |
| Beta vs S&P 500 | 1.92 | 1.00 |
| Max drawdown (3Y) | -85.8% | -18.8% |
| Market cap | $0.4B | – |
| 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 | GRRR | SPY |
|---|---|---|
| 2022 | -18.9% | -18.2% |
| 2023 | -93.4% | +26.2% |
| 2024 | +235.1% | +24.9% |
| 2025 | -39.5% | +17.7% |
| 2026 | +43.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRRR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GRRR and SPY?
As of 2026-08-27, the correlation of weekly returns between GRRR and SPY is 0.24 over 3 years, 0.37 over 1 year and 0.05 over 5 years.
Is SPY a good diversifier for GRRR?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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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Hubs: GRRR correlations · SPY correlations
