FLZH vs SPY: Correlation
Measured on weekly returns over the past three years, Flash Sports & Media Holdings, Inc. (FLZH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLZH and SPY?
Over the past 3 years, FLZH and SPY moved with a correlation of -0.07, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.19) runs below the 3-year figure (-0.07). Over 5 years the correlation is -0.02, and the annualized covariance of weekly returns is -445.6 %².
Within FLZH's tracked universe of 31 assets, SPY comes in at #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 119.8 points (-99.2% versus +20.6%). Note the risk asymmetry: FLZH runs 29.3 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.
FLZH vs SPY: side by side
| FLZH (Flash Sports & Media Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -99.2% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 424.7% | 14.5% |
| Beta vs S&P 500 | -2.13 | 1.00 |
| Max drawdown (3Y) | -99.9% | -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 | FLZH | SPY |
|---|---|---|
| 2022 | -74.0% | -18.2% |
| 2023 | -48.5% | +26.2% |
| 2024 | -32.5% | +24.9% |
| 2025 | -70.4% | +17.7% |
| 2026 | -98.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLZH and SPY good diversifiers for each other?
Yes: at -0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLZH and SPY?
The FLZH/SPY correlation stands at -0.07 on a 3-year window (1 year: -0.19, 5 years: -0.02), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FLZH?
Yes: at -0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.07 mean?
On the −1 to +1 scale, -0.07 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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Hubs: FLZH correlations · SPY correlations
