FE vs SPY: Correlation
FirstEnergy (FE) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FE and SPY?
Over the past 3 years, FE and SPY moved with a correlation of 0.03, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.23) than the 3-year average (0.03). Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 7.6 %².
Within FE's tracked universe of 32 assets, SPY comes in at #21 by 3-year correlation. On 12-month performance SPY holds a 10.7-point edge, +9.9% against +20.6%. This link changes with the market regime, having swung between -0.26 and 0.41 on a rolling one-year basis.
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.
FE vs SPY: side by side
| FE (FirstEnergy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.9% | +20.6% |
| 5-year return | +46.7% | +82.4% |
| Volatility (ann.) | 17.6% | 14.5% |
| Beta vs S&P 500 | 0.04 | 1.00 |
| Max drawdown (3Y) | -14.7% | -18.8% |
| Market cap | $26.8B | – |
| P/E (trailing) | 25.0 | – |
| Dividend yield | 3.85% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | FE | SPY |
|---|---|---|
| 2022 | +4.8% | -18.2% |
| 2023 | -8.9% | +26.2% |
| 2024 | +13.2% | +24.9% |
| 2025 | +17.3% | +17.7% |
| 2026 | +6.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FE and SPY good diversifiers for each other?
Yes. With a correlation of 0.03, FE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FE and SPY?
The FE/SPY correlation stands at 0.03 on a 3-year window (1 year: -0.23, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FE?
Yes. With a correlation of 0.03, FE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
A reading of 0.03 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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Hubs: FE correlations · SPY correlations
