FCFS vs SPY: Correlation
Measured on weekly returns over the past three years, FirstCash Holdings, Inc. (FCFS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCFS and SPY?
Over the past 3 years, FCFS and SPY moved with a correlation of 0.05, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.28) than the 3-year average (0.05). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 16.6 %².
Within FCFS's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FCFS outperformed by 31.5 percentage points (+52.1% for FCFS against +20.6% for SPY). Note the risk asymmetry: FCFS runs 1.6 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.
FCFS vs SPY: side by side
| FCFS (FirstCash Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +52.1% | +20.6% |
| 5-year return | +180.4% | +82.4% |
| Volatility (ann.) | 23.3% | 14.5% |
| Beta vs S&P 500 | 0.08 | 1.00 |
| Max drawdown (3Y) | -23.4% | -18.8% |
| Market cap | $9.7B | – |
| P/E (trailing) | 25.0 | – |
| Dividend yield | 0.76% | 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 | FCFS | SPY |
|---|---|---|
| 2022 | +18.0% | -18.2% |
| 2023 | +26.5% | +26.2% |
| 2024 | -3.2% | +24.9% |
| 2025 | +55.7% | +17.7% |
| 2026 | +41.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCFS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between FCFS and SPY?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.28 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for FCFS?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
A reading of 0.05 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fcfs-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcfs-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FCFS correlations · SPY correlations
