FAST vs SPY: Correlation
Fastenal (FAST) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAST and SPY?
Across a 3-year window, the weekly returns of FAST and SPY correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.05 versus 0.38 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 130.7 %².
Within FAST's tracked universe of 33 assets, SPY comes in at #20 by 3-year correlation. The last year tells two different stories: SPY led by 16.5 percentage points, +4.1% for FAST against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.06 and 0.66 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: FAST runs 1.7 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.
FAST vs SPY: side by side
| FAST (Fastenal) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.1% | +20.6% |
| 5-year return | +105.5% | +82.4% |
| Volatility (ann.) | 24.0% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -21.9% | -18.8% |
| Market cap | $58.7B | – |
| P/E (trailing) | 43.7 | – |
| Dividend yield | 1.80% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | FAST | SPY |
|---|---|---|
| 2022 | -24.3% | -18.2% |
| 2023 | +41.3% | +26.2% |
| 2024 | +13.5% | +24.9% |
| 2025 | +14.0% | +17.7% |
| 2026 | +29.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of SPY is FAST itself, so the fund partly moves with the stock by construction.
Are FAST and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FAST and SPY?
As of 2026-08-27, the correlation of weekly returns between FAST and SPY is 0.38 over 3 years, 0.05 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for FAST?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FAST correlations · SPY correlations
