GVA vs SPY: Correlation
Granite Construction Incorporated (GVA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GVA and SPY?
On 3 years of weekly data the GVA/SPY correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.46). The 5-year figure is 0.46, and annualized covariance runs at 236.7 %².
Among the 14 assets we track against GVA, SPY ranks #9 by 3-year correlation. The trailing year gives SPY the advantage: +13.9% versus +20.6%, a 6.7-point spread. Risk is not evenly split, since GVA carries 2.4 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.
GVA vs SPY: side by side
| GVA (Granite Construction Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.9% | +20.6% |
| 5-year return | +219.9% | +82.4% |
| Volatility (ann.) | 35.5% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.42% | 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 | GVA | SPY |
|---|---|---|
| 2022 | -7.8% | -18.2% |
| 2023 | +46.8% | +26.2% |
| 2024 | +73.8% | +24.9% |
| 2025 | +32.2% | +17.7% |
| 2026 | +8.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GVA and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GVA and SPY?
The GVA/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.09, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GVA?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: GVA correlations · SPY correlations
