FFA vs VOO: Correlation
Measured on weekly returns over the past three years, First Trust Enhanced Equity Income Fund (FFA) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFA and VOO?
Over the past 3 years, FFA and VOO moved with a correlation of 0.91, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.91) sits close to the 3-year figure. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 194.0 %².
In FFA's tracked universe of 20 assets, VOO sits right near the top at #3. Their 12-month results are close: +17.3% for FFA against +20.6% for VOO.
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.
FFA vs VOO: side by side
| FFA (First Trust Enhanced Equity Income Fund) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +17.3% | +20.6% |
| 5-year return | +54.8% | +83.0% |
| Volatility (ann.) | 14.9% | 14.4% |
| Beta vs S&P 500 | 0.93 | 0.99 |
| Max drawdown (3Y) | -19.9% | -18.7% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.7 | – |
| Dividend yield | 6.39% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | FFA | VOO |
|---|---|---|
| 2022 | -20.3% | -18.2% |
| 2023 | +24.7% | +26.3% |
| 2024 | +21.5% | +25.0% |
| 2025 | +14.2% | +17.8% |
| 2026 | +8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFA and VOO good diversifiers for each other?
No: a correlation of 0.91 means FFA and VOO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FFA and VOO?
Using weekly returns as of 2026-08-27: 0.91 over 3 years, with 0.91 over the last year and 0.91 over 5 years.
Is VOO a good diversifier for FFA?
No: a correlation of 0.91 means FFA and VOO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.91 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: FFA correlations · VOO correlations
