FLYE vs SPY: Correlation
Measured on weekly returns over the past three years, Fly-E Group, Inc. (FLYE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYE and SPY?
Across a 3-year window, the weekly returns of FLYE and SPY correlate at 0.16, weak. Little has changed lately, as the 1-year reading of 0.17 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 361.4 %².
Among the 44 assets we track against FLYE, SPY ranks #7 by 3-year correlation. The last year tells two different stories: SPY led by 109.6 percentage points, -89.0% for FLYE against +20.6% for SPY. Risk is not evenly split, since FLYE carries 10.6 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.
FLYE vs SPY: side by side
| FLYE (Fly-E Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -89.0% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 153.0% | 14.5% |
| Beta vs S&P 500 | 1.73 | 1.00 |
| Max drawdown (3Y) | -99.8% | -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 | FLYE | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -92.1% | +17.7% |
| 2026 | -74.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYE and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLYE and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with 0.17 over the last year and n/a over 5 years.
Is SPY a good diversifier for FLYE?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FLYE correlations · SPY correlations
