FEIM vs SPY: Correlation
Measured on weekly returns over the past three years, Frequency Electronics, Inc. (FEIM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FEIM and SPY?
Over the past 3 years, FEIM and SPY moved with a correlation of 0.23, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.35 versus 0.23 over 3 years. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 232.1 %².
Among the 13 assets we track against FEIM, SPY ranks #7 by 3-year correlation. The last year tells two different stories: FEIM led by 76.4 percentage points, +97.0% for FEIM against +20.6% for SPY. One caveat on sizing: FEIM is 4.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FEIM vs SPY: side by side
| FEIM (Frequency Electronics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +97.0% | +20.6% |
| 5-year return | +639.1% | +82.4% |
| Volatility (ann.) | 70.8% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -33.0% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | FEIM | SPY |
|---|---|---|
| 2022 | -29.4% | -18.2% |
| 2023 | +80.9% | +26.2% |
| 2024 | +83.2% | +24.9% |
| 2025 | +190.7% | +17.7% |
| 2026 | +18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FEIM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FEIM and SPY?
As of 2026-08-27, the correlation of weekly returns between FEIM and SPY is 0.23 over 3 years, 0.35 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for FEIM?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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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Hubs: FEIM correlations · SPY correlations
