FMC vs SPY: Correlation
How closely do FMC Corporation (FMC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMC and SPY?
Over the past 3 years, FMC and SPY moved with a correlation of 0.21, which is weak. The past 12 months show a weaker link (0.09) than the 3-year average (0.21). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 171.8 %².
Out of 14 assets tracked against FMC, SPY lands near the bottom at #10. The last year tells two different stories: SPY led by 92.8 percentage points, -72.2% for FMC against +20.6% for SPY. Risk is not evenly split, since FMC carries 3.9 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.
FMC vs SPY: side by side
| FMC (FMC Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -72.2% | +20.6% |
| 5-year return | -86.6% | +82.4% |
| Volatility (ann.) | 56.2% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -87.3% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 7.40% | 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 | FMC | SPY |
|---|---|---|
| 2022 | +15.7% | -18.2% |
| 2023 | -48.0% | +26.2% |
| 2024 | -19.7% | +24.9% |
| 2025 | -70.0% | +17.7% |
| 2026 | -22.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMC and SPY good diversifiers for each other?
Reasonably. At 0.21, FMC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FMC and SPY?
As of 2026-08-27, the correlation of weekly returns between FMC and SPY is 0.21 over 3 years, 0.09 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for FMC?
Reasonably. At 0.21, FMC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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: FMC correlations · SPY correlations
