GYRO vs SPY: Correlation
Gyrodyne , LLC (GYRO) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.07.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GYRO and SPY?
Over the past 3 years, GYRO and SPY moved with a correlation of 0.07, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. Over 5 years the correlation is 0.02, and the annualized covariance of weekly returns is 41.1 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against GYRO. The last year tells two different stories: SPY led by 72.0 percentage points, -51.4% for GYRO against +20.6% for SPY. Note the risk asymmetry: GYRO runs 2.8 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.
GYRO vs SPY: side by side
| GYRO (Gyrodyne , LLC) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -51.4% | +20.6% |
| 5-year return | -60.8% | +82.4% |
| Volatility (ann.) | 40.0% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -54.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 43.3 | – |
| 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 | GYRO | SPY |
|---|---|---|
| 2022 | -29.6% | -18.2% |
| 2023 | +23.5% | +26.2% |
| 2024 | -9.8% | +24.9% |
| 2025 | +2.4% | +17.7% |
| 2026 | -43.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GYRO and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GYRO and SPY?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with 0.15 over the last year and 0.02 over 5 years.
Is SPY a good diversifier for GYRO?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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: GYRO correlations · SPY correlations
