FIP vs SPY: Correlation
FTAI Infrastructure Inc. (FIP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIP and SPY?
On 3 years of weekly data the FIP/SPY correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.38 over 3. The 5-year figure is 0.36, and annualized covariance runs at 308.5 %².
Within FIP's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 48.1 points (-27.5% versus +20.6%). Note the risk asymmetry: FIP runs 3.9 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.
FIP vs SPY: side by side
| FIP (FTAI Infrastructure Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -27.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 56.6% | 14.5% |
| Beta vs S&P 500 | 1.48 | 1.00 |
| Max drawdown (3Y) | -68.0% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.22% | 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 | FIP | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +36.9% | +26.2% |
| 2024 | +89.5% | +24.9% |
| 2025 | -34.9% | +17.7% |
| 2026 | -19.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FIP and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.28 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for FIP?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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: FIP correlations · SPY correlations
