FDUS vs SPY: Correlation
Measured on weekly returns over the past three years, Fidus Investment Corporation - Closed End Fund (FDUS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDUS and SPY?
Over the past 3 years, FDUS and SPY moved with a correlation of 0.47, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 118.7 %².
By 3-year correlation, SPY places #10 of the 21 assets tracked against FDUS. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.9 percentage points (+3.7% for FDUS 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.
FDUS vs SPY: side by side
| FDUS (Fidus Investment Corporation - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.7% | +20.6% |
| 5-year return | +100.3% | +82.4% |
| Volatility (ann.) | 17.5% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -23.9% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 8.73% | 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 | FDUS | SPY |
|---|---|---|
| 2022 | +17.1% | -18.2% |
| 2023 | +20.0% | +26.2% |
| 2024 | +20.5% | +24.9% |
| 2025 | +2.1% | +17.7% |
| 2026 | +8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDUS and SPY good diversifiers for each other?
Reasonably. At 0.47, FDUS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FDUS and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.55 over the last year and 0.51 over 5 years.
Is SPY a good diversifier for FDUS?
Reasonably. At 0.47, FDUS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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: FDUS correlations · SPY correlations
