GUT vs SPY: Correlation
How closely do Gabelli Utility Trust (The) (GUT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GUT and SPY?
Over the past 3 years, GUT and SPY moved with a correlation of 0.25, which is weak. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 77.4 %².
Within GUT's tracked universe of 14 assets, SPY comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.5% for GUT and +20.6% for SPY.
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.
GUT vs SPY: side by side
| GUT (Gabelli Utility Trust (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.5% | +20.6% |
| 5-year return | +29.5% | +82.4% |
| Volatility (ann.) | 21.5% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -28.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 9.39% | 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 | GUT | SPY |
|---|---|---|
| 2022 | -1.1% | -18.2% |
| 2023 | -21.1% | +26.2% |
| 2024 | +6.0% | +24.9% |
| 2025 | +33.1% | +17.7% |
| 2026 | +13.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GUT and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GUT and SPY?
As of 2026-08-27, the correlation of weekly returns between GUT and SPY is 0.25 over 3 years, 0.33 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for GUT?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gut-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gut-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GUT correlations · SPY correlations
