FLO vs SPY: Correlation
Measured on weekly returns over the past three years, Flowers Foods, Inc. (FLO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLO and SPY?
Across a 3-year window, the weekly returns of FLO and SPY correlate at 0.11, weak. The link has tightened recently: the 1-year correlation (0.29) runs above the 3-year figure (0.11). Stretching to 5 years gives 0.16, with an annualized covariance of 40.8 %².
Within FLO's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 70.3 points (-49.7% versus +20.6%). Risk is not evenly split, since FLO carries 1.8 times the volatility of the other side.
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.
FLO vs SPY: side by side
| FLO (Flowers Foods, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -49.7% | +20.6% |
| 5-year return | -63.2% | +82.4% |
| Volatility (ann.) | 26.8% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -68.8% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 26.8 | – |
| Dividend yield | 13.81% | 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 | FLO | SPY |
|---|---|---|
| 2022 | +8.0% | -18.2% |
| 2023 | -18.6% | +26.2% |
| 2024 | -4.3% | +24.9% |
| 2025 | -43.6% | +17.7% |
| 2026 | -33.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLO and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, FLO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FLO and SPY?
As of 2026-08-27, the correlation of weekly returns between FLO and SPY is 0.11 over 3 years, 0.29 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for FLO?
Yes. With a correlation of 0.11, FLO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FLO correlations · SPY correlations
