GTE vs SPY: Correlation
Gran Tierra Energy Inc. (GTE) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTE and SPY?
On 3 years of weekly data the GTE/SPY correlation comes out at 0.08, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.13 versus 0.08 over 3 years. The 5-year figure is 0.13, and annualized covariance runs at 66.0 %².
Within GTE's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GTE outperformed by 122.4 percentage points (+143.0% for GTE against +20.6% for SPY). Risk is not evenly split, since GTE carries 4.2 times the volatility of the other side.
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.
GTE vs SPY: side by side
| GTE (Gran Tierra Energy Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +143.0% | +20.6% |
| 5-year return | +90.8% | +82.4% |
| Volatility (ann.) | 60.6% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -66.9% | -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 | GTE | SPY |
|---|---|---|
| 2022 | +30.3% | -18.2% |
| 2023 | -43.0% | +26.2% |
| 2024 | +28.2% | +24.9% |
| 2025 | -41.4% | +17.7% |
| 2026 | +138.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between GTE and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.13 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for GTE?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 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: GTE correlations · SPY correlations
