FOXA vs SPY: Correlation
How closely do Fox Corporation (Class A) (FOXA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOXA and SPY?
On 3 years of weekly data the FOXA/SPY correlation comes out at 0.28, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 117.5 %².
Within FOXA's tracked universe of 33 assets, SPY comes in at #21 by 3-year correlation. Over the last 12 months SPY came out ahead by 6.6 percentage points (+14.0% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.10 to 0.55. One caveat on sizing: FOXA is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FOXA vs SPY: side by side
| FOXA (Fox Corporation (Class A)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.0% | +20.6% |
| 5-year return | +93.4% | +82.4% |
| Volatility (ann.) | 29.3% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -35.6% | -18.8% |
| Market cap | $28.3B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 0.80% | 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 | FOXA | SPY |
|---|---|---|
| 2022 | -16.6% | -18.2% |
| 2023 | -0.8% | +26.2% |
| 2024 | +66.3% | +24.9% |
| 2025 | +51.8% | +17.7% |
| 2026 | -7.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FOXA and SPY good diversifiers for each other?
Reasonably. At 0.28, FOXA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FOXA and SPY?
The FOXA/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.21, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FOXA?
Reasonably. At 0.28, FOXA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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: FOXA correlations · SPY correlations
