GSHD vs SPY: Correlation
Measured on weekly returns over the past three years, Goosehead Insurance, Inc. (GSHD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSHD and SPY?
Over the past 3 years, GSHD and SPY moved with a correlation of 0.11, which is weak. Recent behaviour matches the longer record: 0.02 over 1 year against 0.11 over 3. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 88.6 %².
Among the 15 assets we track against GSHD, SPY sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 39.1 percentage points (-18.5% for GSHD against +20.6% for SPY). One caveat on sizing: GSHD is 3.8 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.
GSHD vs SPY: side by side
| GSHD (Goosehead Insurance, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.5% | +20.6% |
| 5-year return | -47.2% | +82.4% |
| Volatility (ann.) | 55.1% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -72.2% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 51.4 | – |
| 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 | GSHD | SPY |
|---|---|---|
| 2022 | -73.6% | -18.2% |
| 2023 | +120.7% | +26.2% |
| 2024 | +41.5% | +24.9% |
| 2025 | -27.4% | +17.7% |
| 2026 | -4.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSHD and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, GSHD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GSHD and SPY?
The GSHD/SPY correlation stands at 0.11 on a 3-year window (1 year: 0.02, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GSHD?
Yes. With a correlation of 0.11, GSHD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
A reading of 0.11 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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