FFIV vs SPY: Correlation
How closely do F5, Inc. (FFIV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIV and SPY?
Across a 3-year window, the weekly returns of FFIV and SPY correlate at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.42). Stretching to 5 years gives 0.56, with an annualized covariance of 161.5 %².
Within FFIV's tracked universe of 34 assets, SPY comes in at #17 by 3-year correlation. Over the last 12 months FFIV came out ahead by 8.5 percentage points (+29.1% against +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.15 and 0.72 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since FFIV carries 1.8 times the volatility of the other side.
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.
FFIV vs SPY: side by side
| FFIV (F5, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.1% | +20.6% |
| 5-year return | +99.3% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -34.7% | -18.8% |
| Market cap | $23.2B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | FFIV | SPY |
|---|---|---|
| 2022 | -41.4% | -18.2% |
| 2023 | +24.7% | +26.2% |
| 2024 | +40.5% | +24.9% |
| 2025 | +1.5% | +17.7% |
| 2026 | +60.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIV and SPY good diversifiers for each other?
Reasonably. At 0.42, FFIV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FFIV and SPY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.20 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for FFIV?
Reasonably. At 0.42, FFIV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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: FFIV correlations · SPY correlations
