FORR vs SPY: Correlation
Measured on weekly returns over the past three years, Forrester Research, Inc. (FORR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FORR and SPY?
On 3 years of weekly data the FORR/SPY correlation comes out at 0.24, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 170.4 %².
Among the 13 assets we track against FORR, SPY sits near the bottom by co-movement, at rank #9. On 12-month performance FORR holds a 5.1-point edge, +25.7% against +20.6%. Risk is not evenly split, since FORR carries 3.5 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.
FORR vs SPY: side by side
| FORR (Forrester Research, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.7% | +20.6% |
| 5-year return | -74.7% | +82.4% |
| Volatility (ann.) | 50.1% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -83.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| 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 | FORR | SPY |
|---|---|---|
| 2022 | -39.1% | -18.2% |
| 2023 | -25.0% | +26.2% |
| 2024 | -41.6% | +24.9% |
| 2025 | -48.2% | +17.7% |
| 2026 | +50.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FORR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FORR and SPY?
The FORR/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.22, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FORR?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FORR correlations · SPY correlations
