FOX vs SPY: Correlation
How closely do Fox Corporation (Class B) (FOX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOX and SPY?
Across a 3-year window, the weekly returns of FOX and SPY correlate at 0.29, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.29 over 3. Stretching to 5 years gives 0.35, with an annualized covariance of 120.8 %².
Among the 32 assets we track against FOX, SPY ranks #21 by 3-year correlation. On 12-month performance SPY holds a 8.4-point edge, +12.2% against +20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.11 to 0.59. Risk is not evenly split, since FOX carries 2.0 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.
FOX vs SPY: side by side
| FOX (Fox Corporation (Class B)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.2% | +20.6% |
| 5-year return | +88.7% | +82.4% |
| Volatility (ann.) | 28.5% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -34.1% | -18.8% |
| Market cap | $25.4B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 0.90% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | FOX | SPY |
|---|---|---|
| 2022 | -15.8% | -18.2% |
| 2023 | -1.2% | +26.2% |
| 2024 | +68.3% | +24.9% |
| 2025 | +43.4% | +17.7% |
| 2026 | -6.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FOX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FOX and SPY?
The FOX/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.19, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FOX?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 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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Hubs: FOX correlations · SPY correlations
