FLEX vs SPY: Correlation
Flex Ltd. (FLEX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and SPY?
Over the past 3 years, FLEX and SPY moved with a correlation of 0.48, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.48 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 354.5 %².
Within FLEX's tracked universe of 45 assets, SPY comes in at #29 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FLEX ahead by 94.0 points (+114.6% versus +20.6%). The rolling one-year correlation moved between 0.29 and 0.78 over the past three years, a moderate range. Note the risk asymmetry: FLEX 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.
FLEX vs SPY: side by side
| FLEX (Flex Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +114.6% | +20.6% |
| 5-year return | +716.5% | +82.4% |
| Volatility (ann.) | 50.9% | 14.5% |
| Beta vs S&P 500 | 1.70 | 1.00 |
| Max drawdown (3Y) | -40.0% | -18.8% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | FLEX | SPY |
|---|---|---|
| 2022 | +17.1% | -18.2% |
| 2023 | +41.9% | +26.2% |
| 2024 | +67.2% | +24.9% |
| 2025 | +57.4% | +17.7% |
| 2026 | +90.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of SPY is FLEX itself, so the fund partly moves with the stock by construction.
Are FLEX and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FLEX and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.37 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for FLEX?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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: FLEX correlations · SPY correlations
