GTEC vs SPY: Correlation
Greenland Technologies Holding Corporation - Class A (GTEC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTEC and SPY?
Over the past 3 years, GTEC and SPY moved with a correlation of 0.21, which is weak. The relationship has been stable: the 1-year correlation (0.12) sits close to the 3-year figure. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 290.0 %².
SPY is close to the least connected end of GTEC's tracked universe, ranking #7 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 61.4 points (-40.8% versus +20.6%). Risk is not evenly split, since GTEC carries 6.5 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.
GTEC vs SPY: side by side
| GTEC (Greenland Technologies Holding Corporation - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.8% | +20.6% |
| 5-year return | -87.4% | +82.4% |
| Volatility (ann.) | 94.1% | 14.5% |
| Beta vs S&P 500 | 1.39 | 1.00 |
| Max drawdown (3Y) | -89.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 1.4 | – |
| 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 | GTEC | SPY |
|---|---|---|
| 2022 | -66.1% | -18.2% |
| 2023 | +28.0% | +26.2% |
| 2024 | -30.5% | +24.9% |
| 2025 | -68.4% | +17.7% |
| 2026 | +37.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTEC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GTEC and SPY?
As of 2026-08-27, the correlation of weekly returns between GTEC and SPY is 0.21 over 3 years, 0.12 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for GTEC?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 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: GTEC correlations · SPY correlations
