FELE vs SPY: Correlation
How closely do Franklin Electric Co., Inc. (FELE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FELE and SPY?
Over the past 3 years, FELE and SPY moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.50 over 3 years. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 164.9 %².
Within FELE's tracked universe of 25 assets, SPY comes in at #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.8 points (+3.8% versus +20.6%). Note the risk asymmetry: FELE runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FELE vs SPY: side by side
| FELE (Franklin Electric Co., Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.8% | +20.6% |
| 5-year return | +25.2% | +82.4% |
| Volatility (ann.) | 22.7% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -23.5% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 29.4 | – |
| Dividend yield | 1.06% | 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 | FELE | SPY |
|---|---|---|
| 2022 | -14.9% | -18.2% |
| 2023 | +22.4% | +26.2% |
| 2024 | +1.8% | +24.9% |
| 2025 | -0.9% | +17.7% |
| 2026 | +7.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FELE and SPY good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FELE and SPY?
As of 2026-08-27, the correlation of weekly returns between FELE and SPY is 0.50 over 3 years, 0.25 over 1 year and 0.56 over 5 years.
Is SPY a good diversifier for FELE?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FELE correlations · SPY correlations
