FNF vs SPY: Correlation
How closely do Fidelity National Financial, Inc. (FNF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNF and SPY?
On 3 years of weekly data the FNF/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.39). The 5-year figure is 0.53, and annualized covariance runs at 137.9 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against FNF. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.3 points (-15.7% versus +20.6%). Note the risk asymmetry: FNF runs 1.7 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.
FNF vs SPY: side by side
| FNF (Fidelity National Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.7% | +20.6% |
| 5-year return | +27.3% | +82.4% |
| Volatility (ann.) | 24.8% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -30.0% | -18.8% |
| Market cap | $12.7B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 4.34% | 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 | FNF | SPY |
|---|---|---|
| 2022 | -21.6% | -18.2% |
| 2023 | +42.2% | +26.2% |
| 2024 | +14.0% | +24.9% |
| 2025 | +4.4% | +17.7% |
| 2026 | -11.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNF and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FNF and SPY?
The FNF/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.21, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FNF?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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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Related comparisons
Hubs: FNF correlations · SPY correlations
