FMY vs SPY: Correlation
How closely do First Trust Mortgage Income Fund (FMY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMY and SPY?
Over the past 3 years, FMY and SPY moved with a correlation of 0.19, which is weak. Recent behaviour matches the longer record: 0.23 over 1 year against 0.19 over 3. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 25.8 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against FMY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 18.3 percentage points (+2.3% for FMY against +20.6% for SPY). Risk is not evenly split, since SPY carries 1.5 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.
FMY vs SPY: side by side
| FMY (First Trust Mortgage Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.3% | +20.6% |
| 5-year return | +18.1% | +82.4% |
| Volatility (ann.) | 9.6% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -7.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 6.94% | 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 | FMY | SPY |
|---|---|---|
| 2022 | -13.0% | -18.2% |
| 2023 | +16.1% | +26.2% |
| 2024 | +7.1% | +24.9% |
| 2025 | +8.6% | +17.7% |
| 2026 | +0.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMY and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FMY and SPY?
The FMY/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.23, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FMY?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: FMY correlations · SPY correlations
