FLC vs SPY: Correlation
Flaherty & Crumrine Total Return Fund Inc (FLC) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLC and SPY?
On 3 years of weekly data the FLC/SPY correlation comes out at 0.61, strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. The 5-year figure is 0.58, and annualized covariance runs at 100.1 %².
Among the 22 assets we track against FLC, SPY ranks #12 by 3-year correlation. The last year tells two different stories: SPY led by 16.8 percentage points, +3.8% for FLC against +20.6% for SPY.
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.
FLC vs SPY: side by side
| FLC (Flaherty & Crumrine Total Return Fund Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.8% | +20.6% |
| 5-year return | -0.2% | +82.4% |
| Volatility (ann.) | 11.3% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -10.5% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 7.25% | 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 | FLC | SPY |
|---|---|---|
| 2022 | -25.1% | -18.2% |
| 2023 | -0.8% | +26.2% |
| 2024 | +23.1% | +24.9% |
| 2025 | +12.4% | +17.7% |
| 2026 | -0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLC and SPY good diversifiers for each other?
Only partially. A correlation of 0.61 means FLC 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 FLC and SPY?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.58 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for FLC?
Only partially. A correlation of 0.61 means FLC 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 0.61 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: FLC correlations · SPY correlations
