FLXS vs SPY: Correlation
Flexsteel Industries, Inc. (FLXS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLXS and SPY?
Across a 3-year window, the weekly returns of FLXS and SPY correlate at 0.17, weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.17). Stretching to 5 years gives 0.24, with an annualized covariance of 142.6 %².
Within FLXS's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. The last year tells two different stories: FLXS led by 62.4 percentage points, +83.0% for FLXS against +20.6% for SPY. Risk is not evenly split, since FLXS carries 4.1 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.
FLXS vs SPY: side by side
| FLXS (Flexsteel Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +83.0% | +20.6% |
| 5-year return | +162.8% | +82.4% |
| Volatility (ann.) | 58.9% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -54.1% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 13.4 | – |
| 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 | FLXS | SPY |
|---|---|---|
| 2022 | -40.7% | -18.2% |
| 2023 | +26.1% | +26.2% |
| 2024 | +192.9% | +24.9% |
| 2025 | -25.9% | +17.7% |
| 2026 | +109.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLXS and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, FLXS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FLXS and SPY?
As of 2026-08-27, the correlation of weekly returns between FLXS and SPY is 0.17 over 3 years, -0.05 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for FLXS?
Yes. With a correlation of 0.17, FLXS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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: FLXS correlations · SPY correlations
