FDX vs SPYV: Correlation
Measured on weekly returns over the past three years, FedEx (FDX) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and SPYV?
Across a 3-year window, the weekly returns of FDX and SPYV correlate at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 205.9 %².
Within FDX's tracked universe of 36 assets, SPYV comes in at #7 by 3-year correlation. The last year tells two different stories: FDX led by 62.1 percentage points, +80.6% for FDX against +18.5% for SPYV. Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.74. Risk is not evenly split, since FDX carries 2.5 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 SPYV: side by side
| FDX (FedEx) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +80.6% | +18.5% |
| 5-year return | +71.0% | +73.5% |
| Volatility (ann.) | 30.7% | 12.1% |
| Beta vs S&P 500 | 0.89 | 0.70 |
| Max drawdown (3Y) | -35.9% | -17.5% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Industrials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | FDX | SPYV |
|---|---|---|
| 2022 | -31.6% | -5.3% |
| 2023 | +49.1% | +22.2% |
| 2024 | +13.5% | +12.2% |
| 2025 | +5.1% | +13.2% |
| 2026 | +43.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.24% of SPYV is FDX itself, so the fund partly moves with the stock by construction.
Are FDX and SPYV good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FDX and SPYV?
The FDX/SPYV correlation stands at 0.55 on a 3-year window (1 year: 0.64, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for FDX?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 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.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fdx-vs-spyv/)
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Related comparisons
Hubs: FDX correlations · SPYV correlations
