GUG vs SPY: Correlation
How closely do Guggenheim Active Allocation Fund (GUG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GUG and SPY?
On 3 years of weekly data the GUG/SPY correlation comes out at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 84.0 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against GUG. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.2 points (+5.4% versus +20.6%).
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.
GUG vs SPY: side by side
| GUG (Guggenheim Active Allocation Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.4% | +20.6% |
| 5-year return | +16.3% | +82.4% |
| Volatility (ann.) | 12.9% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -12.1% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 9.1 | – |
| 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 | GUG | SPY |
|---|---|---|
| 2022 | -26.5% | -18.2% |
| 2023 | +20.7% | +26.2% |
| 2024 | +11.5% | +24.9% |
| 2025 | +13.1% | +17.7% |
| 2026 | +4.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GUG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GUG and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.36 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for GUG?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GUG correlations · SPY correlations
