FORM vs SPY: Correlation
How closely do FormFactor, Inc. (FORM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FORM and SPY?
Across a 3-year window, the weekly returns of FORM and SPY correlate at 0.52, moderate. The past 12 months show a weaker link (0.41) than the 3-year average (0.52). Stretching to 5 years gives 0.50, with an annualized covariance of 434.0 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against FORM. Correlation aside, the last 12 months split them widely, with FORM ahead by 256.0 points (+276.6% versus +20.6%). Risk is not evenly split, since FORM carries 4.0 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.
FORM vs SPY: side by side
| FORM (FormFactor, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +276.6% | +20.6% |
| 5-year return | +178.6% | +82.4% |
| Volatility (ann.) | 58.1% | 14.5% |
| Beta vs S&P 500 | 2.08 | 1.00 |
| Max drawdown (3Y) | -62.7% | -18.8% |
| Market cap | $8.6B | – |
| P/E (trailing) | 74.5 | – |
| 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 | FORM | SPY |
|---|---|---|
| 2022 | -51.4% | -18.2% |
| 2023 | +87.6% | +26.2% |
| 2024 | +5.5% | +24.9% |
| 2025 | +26.8% | +17.7% |
| 2026 | +97.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FORM and SPY good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FORM and SPY?
As of 2026-08-27, the correlation of weekly returns between FORM and SPY is 0.52 over 3 years, 0.41 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for FORM?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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: FORM correlations · SPY correlations
