FGI vs SPY: Correlation
FGI Industries Ltd. (FGI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FGI and SPY?
On 3 years of weekly data the FGI/SPY correlation comes out at 0.14, weak. The past 12 months show a tighter link (0.35) than the 3-year average (0.14). The 5-year figure is 0.17, and annualized covariance runs at 268.8 %².
Out of 13 assets tracked against FGI, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with FGI ahead by 54.4 points (+75.0% versus +20.6%). Note the risk asymmetry: FGI runs 9.2 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.
FGI vs SPY: side by side
| FGI (FGI Industries Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +75.0% | +20.6% |
| 5-year return | -61.6% | +82.4% |
| Volatility (ann.) | 133.7% | 14.5% |
| Beta vs S&P 500 | 1.29 | 1.00 |
| Max drawdown (3Y) | -72.6% | -18.8% |
| Market cap | – | – |
| 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 | FGI | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -23.7% | +26.2% |
| 2024 | -52.7% | +24.9% |
| 2025 | +47.1% | +17.7% |
| 2026 | +31.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FGI and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, FGI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FGI and SPY?
As of 2026-08-27, the correlation of weekly returns between FGI and SPY is 0.14 over 3 years, 0.35 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for FGI?
Yes. With a correlation of 0.14, FGI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
A reading of 0.14 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: FGI correlations · SPY correlations
