FRHC vs SPY: Correlation
Freedom Holding Corp. (FRHC) 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 FRHC and SPY?
Over the past 3 years, FRHC and SPY moved with a correlation of 0.32, which is moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.32). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 182.5 %².
Within FRHC's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 22.5 percentage points, -1.9% for FRHC against +20.6% for SPY. One caveat on sizing: FRHC is 2.8 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.
FRHC vs SPY: side by side
| FRHC (Freedom Holding Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.9% | +20.6% |
| 5-year return | +163.7% | +82.4% |
| Volatility (ann.) | 39.9% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -41.1% | -18.8% |
| Market cap | $10.9B | – |
| P/E (trailing) | 71.1 | – |
| 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 | FRHC | SPY |
|---|---|---|
| 2022 | -16.0% | -18.2% |
| 2023 | +38.4% | +26.2% |
| 2024 | +62.1% | +24.9% |
| 2025 | -6.9% | +17.7% |
| 2026 | +40.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRHC and SPY good diversifiers for each other?
Reasonably. At 0.32, FRHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRHC and SPY?
The FRHC/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.20, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FRHC?
Reasonably. At 0.32, FRHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/frhc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/frhc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FRHC correlations · SPY correlations
