FHN vs SPY: Correlation
First Horizon Corporation (FHN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHN and SPY?
Over the past 3 years, FHN and SPY moved with a correlation of 0.51, which is moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.51). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 226.3 %².
By 3-year correlation, SPY places #12 of the 17 assets tracked against FHN. On 12-month performance SPY holds a 10.7-point edge, +9.9% against +20.6%. Risk is not evenly split, since FHN carries 2.1 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.
FHN vs SPY: side by side
| FHN (First Horizon Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.9% | +20.6% |
| 5-year return | +77.9% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -27.1% | -18.8% |
| Market cap | $11.6B | – |
| P/E (trailing) | 11.8 | – |
| Dividend yield | 2.60% | 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 | FHN | SPY |
|---|---|---|
| 2022 | +53.9% | -18.2% |
| 2023 | -39.4% | +26.2% |
| 2024 | +47.7% | +24.9% |
| 2025 | +22.1% | +17.7% |
| 2026 | +3.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHN and SPY good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FHN and SPY?
The FHN/SPY correlation stands at 0.51 on a 3-year window (1 year: 0.25, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FHN?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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: FHN correlations · SPY correlations
