BEN vs SPY: Correlation
Measured on weekly returns over the past three years, Franklin Resources (BEN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BEN and SPY?
Over the past 3 years, BEN and SPY moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 210.6 %².
By 3-year correlation, SPY places #17 of the 28 assets tracked against BEN. Their recent paths diverged sharply: over the last 12 months BEN outperformed by 22.4 percentage points (+43.0% for BEN against +20.6% for SPY). On a rolling one-year basis the correlation drifted between 0.31 and 0.79, a moderate band. Risk is not evenly split, since BEN carries 1.9 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.
BEN vs SPY: side by side
| BEN (Franklin Resources) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.0% | +20.6% |
| 5-year return | +37.6% | +82.4% |
| Volatility (ann.) | 27.9% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -40.0% | -18.8% |
| Market cap | $17.7B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 3.74% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | BEN | SPY |
|---|---|---|
| 2022 | -17.5% | -18.2% |
| 2023 | +17.0% | +26.2% |
| 2024 | -27.2% | +24.9% |
| 2025 | +24.8% | +17.7% |
| 2026 | +49.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BEN and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means BEN and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BEN and SPY?
As of 2026-08-27, the correlation of weekly returns between BEN and SPY is 0.52 over 3 years, 0.59 over 1 year and 0.64 over 5 years.
Is SPY a good diversifier for BEN?
Only partially. A correlation of 0.52 means BEN and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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: BEN correlations · SPY correlations
