F vs SPY: Correlation
How closely do Ford Motor Company (F) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are F and SPY?
Across a 3-year window, the weekly returns of F and SPY correlate at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 221.7 %².
By 3-year correlation, SPY places #19 of the 35 assets tracked against F. Neither side won the trailing year by much: +22.6% against +20.6%. The rolling one-year correlation moved between 0.33 and 0.68 over the past three years, a moderate range. One caveat on sizing: F is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
F vs SPY: side by side
| F (Ford Motor Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.6% | +20.6% |
| 5-year return | +45.8% | +82.4% |
| Volatility (ann.) | 36.1% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -36.5% | -18.8% |
| Market cap | $55.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.32% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | F | SPY |
|---|---|---|
| 2022 | -42.2% | -18.2% |
| 2023 | +15.8% | +26.2% |
| 2024 | -13.1% | +24.9% |
| 2025 | +42.3% | +17.7% |
| 2026 | +10.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
F represents 0.08% of SPY's portfolio, so part of any move in SPY is F itself, and the correlation between them is partly mechanical.
Are F and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between F and SPY?
The F/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.40, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for F?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: F correlations · SPY correlations
