FERG vs SPY: Correlation
How closely do Ferguson Enterprises (FERG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FERG and SPY?
Across a 3-year window, the weekly returns of FERG and SPY correlate at 0.48, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.48). Stretching to 5 years gives 0.52, with an annualized covariance of 207.1 %².
Within FERG's tracked universe of 35 assets, SPY comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 19.5 points (+1.1% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.63. One caveat on sizing: FERG is 2.1 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.
FERG vs SPY: side by side
| FERG (Ferguson Enterprises) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.1% | +20.6% |
| 5-year return | +82.2% | +82.4% |
| Volatility (ann.) | 30.0% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -32.9% | -18.8% |
| Market cap | $45.1B | – |
| P/E (trailing) | 23.0 | – |
| Dividend yield | 1.80% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | FERG | SPY |
|---|---|---|
| 2022 | -27.2% | -18.2% |
| 2023 | +55.1% | +26.2% |
| 2024 | -8.6% | +24.9% |
| 2025 | +29.9% | +17.7% |
| 2026 | +6.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds FERG at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FERG and SPY good diversifiers for each other?
Reasonably. At 0.48, FERG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FERG and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.32 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for FERG?
Reasonably. At 0.48, FERG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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: FERG correlations · SPY correlations
