FN vs SPY: Correlation
How closely do Fabrinet (FN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FN and SPY?
Across a 3-year window, the weekly returns of FN and SPY correlate at 0.51, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.51 over 3 years. Stretching to 5 years gives 0.48, with an annualized covariance of 410.9 %².
Out of 13 assets tracked against FN, SPY lands near the bottom at #9. On 12-month performance FN holds a 9.6-point edge, +30.2% against +20.6%. Note the risk asymmetry: FN runs 3.8 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.
FN vs SPY: side by side
| FN (Fabrinet) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.2% | +20.6% |
| 5-year return | +317.1% | +82.4% |
| Volatility (ann.) | 55.4% | 14.5% |
| Beta vs S&P 500 | 1.97 | 1.00 |
| Max drawdown (3Y) | -44.5% | -18.8% |
| Market cap | $15.5B | – |
| P/E (trailing) | 33.2 | – |
| 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 | FN | SPY |
|---|---|---|
| 2022 | +8.2% | -18.2% |
| 2023 | +48.4% | +26.2% |
| 2024 | +15.5% | +24.9% |
| 2025 | +107.1% | +17.7% |
| 2026 | -5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FN and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FN and SPY?
As of 2026-08-27, the correlation of weekly returns between FN and SPY is 0.51 over 3 years, 0.37 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for FN?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
A reading of 0.51 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: FN correlations · SPY correlations
