FCN vs SPY: Correlation
Measured on weekly returns over the past three years, FTI Consulting, Inc. (FCN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCN and SPY?
On 3 years of weekly data the FCN/SPY correlation comes out at 0.10, weak. The past 12 months show a weaker link (-0.11) than the 3-year average (0.10). The 5-year figure is 0.10, and annualized covariance runs at 37.8 %².
Within FCN's tracked universe of 17 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 31.2 points (-10.6% versus +20.6%). One caveat on sizing: FCN is 1.9 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.
FCN vs SPY: side by side
| FCN (FTI Consulting, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.6% | +20.6% |
| 5-year return | +7.8% | +82.4% |
| Volatility (ann.) | 27.0% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -39.2% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 18.4 | – |
| 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 | FCN | SPY |
|---|---|---|
| 2022 | +3.5% | -18.2% |
| 2023 | +25.4% | +26.2% |
| 2024 | -4.0% | +24.9% |
| 2025 | -10.6% | +17.7% |
| 2026 | -11.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCN and SPY good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCN and SPY?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with -0.11 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for FCN?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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: FCN correlations · SPY correlations
