FER vs SPY: Correlation
Ferrovial N.V. (FER) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FER and SPY?
On 3 years of weekly data the FER/SPY correlation comes out at 0.33, moderate. The link has tightened recently: the 1-year correlation (0.44) runs above the 3-year figure (0.33). The 5-year figure is 0.24, and annualized covariance runs at 135.6 %².
Within FER's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Over the last 12 months SPY came out ahead by 10.7 percentage points (+9.9% against +20.6%). Note the risk asymmetry: FER runs 2.0 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.
FER vs SPY: side by side
| FER (Ferrovial N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.9% | +20.6% |
| 5-year return | +129.1% | +82.4% |
| Volatility (ann.) | 28.5% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -20.2% | -18.8% |
| Market cap | $42.4B | – |
| P/E (trailing) | 61.9 | – |
| Dividend yield | 0.93% | 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 | FER | SPY |
|---|---|---|
| 2022 | -5.6% | -18.2% |
| 2023 | +44.1% | +26.2% |
| 2024 | +21.3% | +24.9% |
| 2025 | +56.4% | +17.7% |
| 2026 | -8.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FER and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FER and SPY?
The FER/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.44, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FER?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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: FER correlations · SPY correlations
