FBYD vs SPY: Correlation
Falcon's Beyond Global, Inc. (FBYD) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBYD and SPY?
Over the past 3 years, FBYD and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.15) than the 3-year average (0.04). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 77.2 %².
Among the 13 assets we track against FBYD, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FBYD ahead by 19.7 points (+40.3% versus +20.6%). Note the risk asymmetry: FBYD runs 9.5 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.
FBYD vs SPY: side by side
| FBYD (Falcon's Beyond Global, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 137.7% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -81.2% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| 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 | FBYD | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -22.0% | +24.9% |
| 2025 | +87.8% | +17.7% |
| 2026 | -33.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBYD and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FBYD and SPY?
As of 2026-08-27, the correlation of weekly returns between FBYD and SPY is 0.04 over 3 years, 0.15 over 1 year and n/a over 5 years.
Is SPY a good diversifier for FBYD?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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: FBYD correlations · SPY correlations
