FRD vs SPY: Correlation
Friedman Industries Inc. (FRD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRD and SPY?
On 3 years of weekly data the FRD/SPY correlation comes out at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 230.8 %².
SPY is close to the least connected end of FRD's tracked universe, ranking #9 of 12. Correlation aside, the last 12 months split them widely, with FRD ahead by 117.2 points (+137.8% versus +20.6%). One caveat on sizing: FRD is 3.5 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.
FRD vs SPY: side by side
| FRD (Friedman Industries Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +137.8% | +20.6% |
| 5-year return | +282.9% | +82.4% |
| Volatility (ann.) | 50.1% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -34.6% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.38% | 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 | FRD | SPY |
|---|---|---|
| 2022 | +5.3% | -18.2% |
| 2023 | +59.0% | +26.2% |
| 2024 | -0.3% | +24.9% |
| 2025 | +35.3% | +17.7% |
| 2026 | +120.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRD and SPY good diversifiers for each other?
Reasonably. At 0.32, FRD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRD and SPY?
The FRD/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.32, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FRD?
Reasonably. At 0.32, FRD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: FRD correlations · SPY correlations
