FIVE vs SPY: Correlation
How closely do Five Below, Inc. (FIVE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIVE and SPY?
Over the past 3 years, FIVE and SPY moved with a correlation of 0.40, which is moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 296.1 %².
Within FIVE'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 FIVE ahead by 50.4 points (+71.0% versus +20.6%). Note the risk asymmetry: FIVE runs 3.5 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.
FIVE vs SPY: side by side
| FIVE (Five Below, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +71.0% | +20.6% |
| 5-year return | +15.1% | +82.4% |
| Volatility (ann.) | 50.8% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -74.1% | -18.8% |
| Market cap | $13.7B | – |
| P/E (trailing) | 31.2 | – |
| 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 | FIVE | SPY |
|---|---|---|
| 2022 | -14.5% | -18.2% |
| 2023 | +20.5% | +26.2% |
| 2024 | -50.8% | +24.9% |
| 2025 | +79.5% | +17.7% |
| 2026 | +31.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIVE and SPY good diversifiers for each other?
Reasonably. At 0.40, FIVE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FIVE and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.35 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for FIVE?
Reasonably. At 0.40, FIVE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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: FIVE correlations · SPY correlations
