GTLB vs SPY: Correlation
Measured on weekly returns over the past three years, GitLab Inc. (GTLB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTLB and SPY?
Across a 3-year window, the weekly returns of GTLB and SPY correlate at 0.41, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.41 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 311.0 %².
By 3-year correlation, SPY places #14 of the 19 assets tracked against GTLB. The last year tells two different stories: SPY led by 25.8 percentage points, -5.2% for GTLB against +20.6% for SPY. Risk is not evenly split, since GTLB carries 3.6 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.
GTLB vs SPY: side by side
| GTLB (GitLab Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.2% | +20.6% |
| 5-year return | -56.9% | +82.4% |
| Volatility (ann.) | 52.0% | 14.5% |
| Beta vs S&P 500 | 1.49 | 1.00 |
| Max drawdown (3Y) | -75.0% | -18.8% |
| Market cap | $7.6B | – |
| 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 | GTLB | SPY |
|---|---|---|
| 2022 | -47.8% | -18.2% |
| 2023 | +38.6% | +26.2% |
| 2024 | -10.5% | +24.9% |
| 2025 | -33.4% | +17.7% |
| 2026 | +19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTLB and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GTLB and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.39 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for GTLB?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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: GTLB correlations · SPY correlations
