FIX vs SPY: Correlation
Comfort Systems USA (FIX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIX and SPY?
On 3 years of weekly data the FIX/SPY correlation comes out at 0.53, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.53). The 5-year figure is 0.53, and annualized covariance runs at 362.7 %².
By 3-year correlation, SPY places #20 of the 37 assets tracked against FIX. The last year tells two different stories: FIX led by 107.4 percentage points, +128.0% for FIX against +20.6% for SPY. The rolling one-year correlation moved between 0.26 and 0.70 over the past three years, a moderate range. One caveat on sizing: FIX is 3.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FIX vs SPY: side by side
| FIX (Comfort Systems USA) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +128.0% | +20.6% |
| 5-year return | +2077.9% | +82.4% |
| Volatility (ann.) | 47.4% | 14.5% |
| Beta vs S&P 500 | 1.74 | 1.00 |
| Max drawdown (3Y) | -46.0% | -18.8% |
| Market cap | $56.8B | – |
| P/E (trailing) | 39.8 | – |
| Dividend yield | 0.16% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | FIX | SPY |
|---|---|---|
| 2022 | +17.0% | -18.2% |
| 2023 | +79.6% | +26.2% |
| 2024 | +106.9% | +24.9% |
| 2025 | +120.9% | +17.7% |
| 2026 | +73.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of SPY is FIX itself, so the fund partly moves with the stock by construction.
Are FIX and SPY good diversifiers for each other?
Only partially. A correlation of 0.53 means FIX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FIX and SPY?
The FIX/SPY correlation stands at 0.53 on a 3-year window (1 year: 0.36, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FIX?
Only partially. A correlation of 0.53 means FIX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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: FIX correlations · SPY correlations
