FMST vs SPY: Correlation
Foremost Clean Energy Ltd. (FMST) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMST and SPY?
Across a 3-year window, the weekly returns of FMST and SPY correlate at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 560.5 %².
Within FMST's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 83.1 percentage points, -62.5% for FMST against +20.6% for SPY. One caveat on sizing: FMST is 8.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FMST vs SPY: side by side
| FMST (Foremost Clean Energy Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -62.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 118.7% | 14.5% |
| Beta vs S&P 500 | 2.68 | 1.00 |
| Max drawdown (3Y) | -86.7% | -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 | FMST | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -44.8% | +24.9% |
| 2025 | +53.6% | +17.7% |
| 2026 | -44.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMST and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FMST and SPY?
The FMST/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.33, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FMST?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
A reading of 0.33 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: FMST correlations · SPY correlations
