FNV vs SPY: Correlation
Franco-Nevada Corporation (FNV) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNV and SPY?
Across a 3-year window, the weekly returns of FNV and SPY correlate at 0.16, weak. Lately the two have moved closer together, with the 1-year correlation at 0.29 versus 0.16 over 3 years. Stretching to 5 years gives 0.28, with an annualized covariance of 76.0 %².
SPY is close to the least connected end of FNV's tracked universe, ranking #6 of 10. The last year tells two different stories: FNV led by 26.0 percentage points, +46.6% for FNV against +20.6% for SPY. Risk is not evenly split, since FNV carries 2.2 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.
FNV vs SPY: side by side
| FNV (Franco-Nevada Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.6% | +20.6% |
| 5-year return | +97.2% | +82.4% |
| Volatility (ann.) | 32.2% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -29.2% | -18.8% |
| Market cap | $52.3B | – |
| P/E (trailing) | 35.0 | – |
| Dividend yield | 0.61% | 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 | FNV | SPY |
|---|---|---|
| 2022 | -0.4% | -18.2% |
| 2023 | -18.0% | +26.2% |
| 2024 | +7.4% | +24.9% |
| 2025 | +77.1% | +17.7% |
| 2026 | +31.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNV and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNV and SPY?
The FNV/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.29, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FNV?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 mean?
A reading of 0.16 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: FNV correlations · SPY correlations
