FIGS vs SPY: Correlation
How closely do FIGS, Inc. (FIGS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIGS and SPY?
On 3 years of weekly data the FIGS/SPY correlation comes out at 0.21, weak. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 192.6 %².
SPY is close to the least connected end of FIGS's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with FIGS ahead by 92.7 points (+113.3% versus +20.6%). Note the risk asymmetry: FIGS runs 4.4 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.
FIGS vs SPY: side by side
| FIGS (FIGS, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +113.3% | +20.6% |
| 5-year return | -63.9% | +82.4% |
| Volatility (ann.) | 63.9% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -54.4% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 45.8 | – |
| 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 | FIGS | SPY |
|---|---|---|
| 2022 | -75.6% | -18.2% |
| 2023 | +3.3% | +26.2% |
| 2024 | -10.9% | +24.9% |
| 2025 | +83.5% | +17.7% |
| 2026 | +32.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIGS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FIGS and SPY?
The FIGS/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.11, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FIGS?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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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