FBIO vs SPY: Correlation
Measured on weekly returns over the past three years, Fortress Biotech, Inc. (FBIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIO and SPY?
Across a 3-year window, the weekly returns of FBIO and SPY correlate at 0.21, weak. The link has loosened recently: the 1-year correlation (0.01) runs below the 3-year figure (0.21). Stretching to 5 years gives 0.26, with an annualized covariance of 281.7 %².
SPY is close to the least connected end of FBIO's tracked universe, ranking #8 of 12. Twelve-month performance is nearly a tie, at +19.7% for FBIO and +20.6% for SPY. Risk is not evenly split, since FBIO carries 6.5 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.
FBIO vs SPY: side by side
| FBIO (Fortress Biotech, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.7% | +20.6% |
| 5-year return | -94.3% | +82.4% |
| Volatility (ann.) | 94.3% | 14.5% |
| Beta vs S&P 500 | 1.35 | 1.00 |
| Max drawdown (3Y) | -78.2% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.0 | – |
| 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 | FBIO | SPY |
|---|---|---|
| 2022 | -73.6% | -18.2% |
| 2023 | -69.6% | +26.2% |
| 2024 | -32.6% | +24.9% |
| 2025 | +80.3% | +17.7% |
| 2026 | -23.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIO and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FBIO and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.01 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for FBIO?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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: FBIO correlations · SPY correlations
