FLD vs SPY: Correlation
Measured on weekly returns over the past three years, Fold Holdings, Inc. (FLD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLD and SPY?
Over the past 3 years, FLD and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.36 versus 0.09 over 3 years. Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is 102.7 %².
Within FLD's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 104.2 percentage points, -83.6% for FLD against +20.6% for SPY. Note the risk asymmetry: FLD runs 5.4 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.
FLD vs SPY: side by side
| FLD (Fold Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -83.6% | +20.6% |
| 5-year return | -93.7% | +82.4% |
| Volatility (ann.) | 78.8% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -96.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | FLD | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +5.3% | +26.2% |
| 2024 | +5.2% | +24.9% |
| 2025 | -76.5% | +17.7% |
| 2026 | -76.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLD and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.09 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLD and SPY?
The FLD/SPY correlation stands at 0.09 on a 3-year window (1 year: 0.36, 5 years: 0.06), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FLD?
By historical standards, yes. A correlation of 0.09 means the two rarely move for the same reasons.
What does a correlation of 0.09 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: FLD correlations · SPY correlations
