FET vs SPY: Correlation
How closely do Forum Energy Technologies, Inc. (FET) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FET and SPY?
Across a 3-year window, the weekly returns of FET and SPY correlate at 0.24, weak. The past 12 months show a weaker link (-0.02) than the 3-year average (0.24). Stretching to 5 years gives 0.28, with an annualized covariance of 167.1 %².
SPY is close to the least connected end of FET's tracked universe, ranking #8 of 12. The last year tells two different stories: FET led by 192.1 percentage points, +212.7% for FET against +20.6% for SPY. Note the risk asymmetry: FET runs 3.4 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.
FET vs SPY: side by side
| FET (Forum Energy Technologies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +212.7% | +20.6% |
| 5-year return | +307.0% | +82.4% |
| Volatility (ann.) | 49.1% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -47.1% | -18.8% |
| Market cap | $0.9B | – |
| 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 | FET | SPY |
|---|---|---|
| 2022 | +83.8% | -18.2% |
| 2023 | -24.8% | +26.2% |
| 2024 | -30.1% | +24.9% |
| 2025 | +138.5% | +17.7% |
| 2026 | +115.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FET and SPY?
As of 2026-08-27, the correlation of weekly returns between FET and SPY is 0.24 over 3 years, -0.02 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for FET?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 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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Related comparisons
Hubs: FET correlations · SPY correlations
