FLYW vs SPY: Correlation
Flywire Corporation - Voting (FLYW) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYW and SPY?
Over the past 3 years, FLYW and SPY moved with a correlation of 0.30, which is moderate. The link has tightened recently: the 1-year correlation (0.42) runs above the 3-year figure (0.30). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 236.7 %².
Out of 12 assets tracked against FLYW, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months FLYW outperformed by 22.5 percentage points (+43.1% for FLYW against +20.6% for SPY). Note the risk asymmetry: FLYW runs 3.7 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.
FLYW vs SPY: side by side
| FLYW (Flywire Corporation - Voting) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.1% | +20.6% |
| 5-year return | -57.5% | +82.4% |
| Volatility (ann.) | 54.1% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -75.7% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 69.3 | – |
| 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 | FLYW | SPY |
|---|---|---|
| 2022 | -35.7% | -18.2% |
| 2023 | -5.4% | +26.2% |
| 2024 | -10.9% | +24.9% |
| 2025 | -31.3% | +17.7% |
| 2026 | +32.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLYW and SPY?
As of 2026-08-27, the correlation of weekly returns between FLYW and SPY is 0.30 over 3 years, 0.42 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for FLYW?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: FLYW correlations · SPY correlations
