FG vs SPY: Correlation
Measured on weekly returns over the past three years, F&G Annuities & Life, Inc. (FG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FG and SPY?
Across a 3-year window, the weekly returns of FG and SPY correlate at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.35 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 214.1 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against FG. The last year tells two different stories: SPY led by 50.3 percentage points, -29.7% for FG against +20.6% for SPY. One caveat on sizing: FG is 2.9 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.
FG vs SPY: side by side
| FG (F&G Annuities & Life, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 42.0% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -56.2% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 4.27% | 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 | FG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +137.1% | +26.2% |
| 2024 | -8.0% | +24.9% |
| 2025 | -23.6% | +17.7% |
| 2026 | -22.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FG and SPY good diversifiers for each other?
Reasonably. At 0.35, FG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FG and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.19 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for FG?
Reasonably. At 0.35, FG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: FG correlations · SPY correlations
