FDX vs SPY: Correlation
How closely do FedEx (FDX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and SPY?
On 3 years of weekly data the FDX/SPY correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 186.5 %².
Among the 36 assets we track against FDX, SPY ranks #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FDX outperformed by 60.0 percentage points (+80.6% for FDX against +20.6% for SPY). The rolling one-year correlation moved between 0.20 and 0.67 over the past three years, a moderate range. Risk is not evenly split, since FDX carries 2.1 times the volatility of the other side.
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.
FDX vs SPY: side by side
| FDX (FedEx) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +80.6% | +20.6% |
| 5-year return | +71.0% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -35.9% | -18.8% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | FDX | SPY |
|---|---|---|
| 2022 | -31.6% | -18.2% |
| 2023 | +49.1% | +26.2% |
| 2024 | +13.5% | +24.9% |
| 2025 | +5.1% | +17.7% |
| 2026 | +43.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.11% of SPY is FDX itself, so the fund partly moves with the stock by construction.
Are FDX and SPY good diversifiers for each other?
Reasonably. At 0.42, FDX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FDX and SPY?
The FDX/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.40, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FDX?
Reasonably. At 0.42, FDX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FDX correlations · SPY correlations
