FLS vs SPY: Correlation
How closely do Flowserve Corporation (FLS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLS and SPY?
On 3 years of weekly data the FLS/SPY correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.37) than the 3-year average (0.55). The 5-year figure is 0.57, and annualized covariance runs at 298.0 %².
Among the 13 assets we track against FLS, SPY ranks #8 by 3-year correlation. The last year tells two different stories: FLS led by 30.8 percentage points, +51.4% for FLS against +20.6% for SPY. One caveat on sizing: FLS is 2.6 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.
FLS vs SPY: side by side
| FLS (Flowserve Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.4% | +20.6% |
| 5-year return | +131.6% | +82.4% |
| Volatility (ann.) | 37.2% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -38.8% | -18.8% |
| Market cap | $10.4B | – |
| P/E (trailing) | 28.8 | – |
| Dividend yield | 1.04% | 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 | FLS | SPY |
|---|---|---|
| 2022 | +3.1% | -18.2% |
| 2023 | +37.3% | +26.2% |
| 2024 | +41.9% | +24.9% |
| 2025 | +22.5% | +17.7% |
| 2026 | +18.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLS and SPY good diversifiers for each other?
Only partially. A correlation of 0.55 means FLS 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 FLS and SPY?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.37 over the last year and 0.57 over 5 years.
Is SPY a good diversifier for FLS?
Only partially. A correlation of 0.55 means FLS 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 0.55 mean?
On the −1 to +1 scale, 0.55 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: FLS correlations · SPY correlations
