GTN vs SPY: Correlation
Measured on weekly returns over the past three years, Gray Media, Inc. (GTN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTN and SPY?
On 3 years of weekly data the GTN/SPY correlation comes out at 0.16, weak. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. The 5-year figure is 0.23, and annualized covariance runs at 158.5 %².
Among the 14 assets we track against GTN, SPY sits near the bottom by co-movement, at rank #10. The last year tells two different stories: SPY led by 38.6 percentage points, -18.0% for GTN against +20.6% for SPY. Note the risk asymmetry: GTN runs 4.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GTN vs SPY: side by side
| GTN (Gray Media, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.0% | +20.6% |
| 5-year return | -73.2% | +82.4% |
| Volatility (ann.) | 68.6% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -68.1% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.50% | 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 | GTN | SPY |
|---|---|---|
| 2022 | -43.4% | -18.2% |
| 2023 | -16.7% | +26.2% |
| 2024 | -62.4% | +24.9% |
| 2025 | +64.6% | +17.7% |
| 2026 | +2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between GTN and SPY?
The GTN/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.26, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GTN?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
A reading of 0.16 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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Related comparisons
Hubs: GTN correlations · SPY correlations
