FRAF vs SPY: Correlation
Measured on weekly returns over the past three years, Franklin Financial Services Corporation (FRAF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRAF and SPY?
Across a 3-year window, the weekly returns of FRAF and SPY correlate at 0.10, weak. The link has tightened recently: the 1-year correlation (0.23) runs above the 3-year figure (0.10). Stretching to 5 years gives 0.14, with an annualized covariance of 45.6 %².
Among the 15 assets we track against FRAF, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FRAF ahead by 16.2 points (+36.8% versus +20.6%). One caveat on sizing: FRAF is 2.2 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.
FRAF vs SPY: side by side
| FRAF (Franklin Financial Services Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.8% | +20.6% |
| 5-year return | +133.8% | +82.4% |
| Volatility (ann.) | 31.7% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -25.5% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 2.14% | 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 | FRAF | SPY |
|---|---|---|
| 2022 | +13.5% | -18.2% |
| 2023 | -8.8% | +26.2% |
| 2024 | -1.4% | +24.9% |
| 2025 | +73.5% | +17.7% |
| 2026 | +25.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRAF and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between FRAF and SPY?
As of 2026-08-27, the correlation of weekly returns between FRAF and SPY is 0.10 over 3 years, 0.23 over 1 year and 0.14 over 5 years.
Is SPY a good diversifier for FRAF?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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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Hubs: FRAF correlations · SPY correlations
