FCPT vs SPY: Correlation
Four Corners Property Trust, Inc. (FCPT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCPT and SPY?
Across a 3-year window, the weekly returns of FCPT and SPY correlate at 0.27, weak. The past 12 months show a weaker link (0.15) than the 3-year average (0.27). Stretching to 5 years gives 0.40, with an annualized covariance of 67.1 %².
Out of 17 assets tracked against FCPT, SPY lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.8 percentage points (+3.8% for FCPT against +20.6% for SPY).
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.
FCPT vs SPY: side by side
| FCPT (Four Corners Property Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.8% | +20.6% |
| 5-year return | +16.6% | +82.4% |
| Volatility (ann.) | 17.5% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -20.2% | -18.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | 22.9 | – |
| Dividend yield | 5.75% | 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 | FCPT | SPY |
|---|---|---|
| 2022 | -7.2% | -18.2% |
| 2023 | +3.1% | +26.2% |
| 2024 | +13.1% | +24.9% |
| 2025 | -10.1% | +17.7% |
| 2026 | +13.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCPT and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FCPT and SPY?
The FCPT/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.15, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FCPT?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 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: FCPT correlations · SPY correlations
