FPH vs SPY: Correlation
Five Point Holdings, LLC Class A (FPH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FPH and SPY?
On 3 years of weekly data the FPH/SPY correlation comes out at 0.27, weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.27 over 3. The 5-year figure is 0.32, and annualized covariance runs at 172.5 %².
SPY is close to the least connected end of FPH's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with SPY ahead by 29.9 points (-9.3% versus +20.6%). Note the risk asymmetry: FPH runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FPH vs SPY: side by side
| FPH (Five Point Holdings, LLC Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.3% | +20.6% |
| 5-year return | -37.3% | +82.4% |
| Volatility (ann.) | 44.0% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 7.1 | – |
| 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 | FPH | SPY |
|---|---|---|
| 2022 | -64.4% | -18.2% |
| 2023 | +31.8% | +26.2% |
| 2024 | +23.1% | +24.9% |
| 2025 | +47.9% | +17.7% |
| 2026 | -8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FPH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FPH and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.29 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for FPH?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: FPH correlations · SPY correlations
