GRNT vs. SPY

Last updated Jul 17, 2026

GRNT (Granite Ridge Resources Inc) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, GRNT returned -9.27%/yr vs 13.24%/yr for SPY. At a 0.12 correlation, their price movements are largely independent.

Performance

GRNT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Granite Ridge Resources Inc (GRNT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRNT achieves a 1.42% return, which is significantly lower than SPY's 10.67% return.

GRNT

• 1D: -0.22%
• 1M: -2.77%
• 6M: 4.31%
• YTD: 1.42%
• 1Y: -5.59%
• 3Y*: -6.55%
• 5Y*: -9.27%
• 10Y*: —

SPY

• 1D: -0.54%
• 1M: 0.31%
• 6M: 9.02%
• YTD: 10.67%
• 1Y: 21.60%
• 3Y*: 20.01%
• 5Y*: 13.24%
• 10Y*: 15.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GRNT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GRNT Granite Ridge Resources Inc	1.42%	-21.29%	14.92%	-28.45%	-7.12%	-2.06%	1.09%
SPY State Street SPDR S&P 500 ETF	10.67%	17.72%	24.89%	26.18%	-18.18%	28.73%	7.20%

Correlation

The correlation between GRNT and SPY is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Nov 6, 2020	0.12

The correlation between GRNT and SPY shifts across timeframes, from -0.09 (1 year) to 0.15 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GRNT vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GRNT

GRNT Risk / Return Rank: 37
GRNT Sharpe Ratio Rank: 39
GRNT Sortino Ratio Rank: 35
GRNT Omega Ratio Rank: 35
GRNT Calmar Ratio Rank: 38
GRNT Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 65
SPY Sharpe Ratio Rank: 65
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GRNT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Granite Ridge Resources Inc (GRNT) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GRNT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.72	-1.86
Sortino ratio: Return per unit of downside risk	0.10	2.38	-2.28
Omega ratio: Gain probability vs. loss probability	1.01	1.31	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.20	2.44	-2.64
Martin ratio: Return relative to average drawdown	-0.45	10.63	-11.08

GRNT vs. SPY - Sharpe Ratio Comparison

The current GRNT Sharpe Ratio is -0.13, which is lower than the SPY Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GRNT and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GRNT vs. SPY - Drawdown Comparison

The maximum GRNT drawdown since its inception was -50.26%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GRNT and SPY.

Drawdown Indicators

	GRNT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-50.26%	-55.19%	+4.93%
Max Drawdown (1Y) Largest decline over 1 year	-28.02%	-8.88%	-19.14%
Max Drawdown (3Y) Largest decline over 3 years	-37.11%	-18.76%	-18.35%
Max Drawdown (5Y) Largest decline over 5 years	-49.87%	-24.50%	-25.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-41.96%	-0.91%	-41.05%
Average Drawdown Average peak-to-trough decline	-23.15%	-9.02%	-14.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	2.04%	+10.38%

Volatility

GRNT vs. SPY - Volatility Comparison

Granite Ridge Resources Inc (GRNT) has a higher volatility of 9.47% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that GRNT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRNT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	3.58%	+5.89%
Volatility (6M) Calculated over the trailing 6-month period	32.14%	10.02%	+22.12%
Volatility (1Y) Calculated over the trailing 1-year period	41.72%	12.58%	+29.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.52%	17.17%	+23.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.14%	17.93%	+20.21%

Dividends

GRNT vs. SPY - Dividend Comparison

GRNT's dividend yield for the trailing twelve months is around 9.65%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRNT Granite Ridge Resources Inc	9.65%	9.36%	6.81%	7.31%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GRNT and SPY in my portfolio?

GRNT and SPY have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRNT or SPY?

GRNT has higher volatility (9.47%) compared to SPY (3.58%). In terms of maximum drawdown, GRNT dropped -50.26% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.72 vs -0.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.