FRMM vs SPY: Correlation
Measured on weekly returns over the past three years, Forum Markets, Incorporated (FRMM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRMM and SPY?
Over the past 3 years, FRMM and SPY moved with a correlation of 0.15, which is weak. The past 12 months show a tighter link (0.34) than the 3-year average (0.15). Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 479.2 %².
Among the 15 assets we track against FRMM, SPY sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 101.6 percentage points (-81.0% for FRMM against +20.6% for SPY). One caveat on sizing: FRMM is 15.7 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.
FRMM vs SPY: side by side
| FRMM (Forum Markets, Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -81.0% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 228.0% | 14.5% |
| Beta vs S&P 500 | 2.29 | 1.00 |
| Max drawdown (3Y) | -98.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | FRMM | SPY |
|---|---|---|
| 2022 | -95.7% | -18.2% |
| 2023 | -93.7% | +26.2% |
| 2024 | -55.2% | +24.9% |
| 2025 | -73.1% | +17.7% |
| 2026 | +15.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRMM and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FRMM and SPY?
As of 2026-08-27, the correlation of weekly returns between FRMM and SPY is 0.15 over 3 years, 0.34 over 1 year and 0.14 over 5 years.
Is SPY a good diversifier for FRMM?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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: FRMM correlations · SPY correlations
