FRNM vs SPY: Correlation
Measured on weekly returns over the past three years, Freenome, Inc. (FRNM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRNM and SPY?
Over the past 3 years, FRNM and SPY moved with a correlation of 0.02, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.01 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 5.7 %².
Among the 34 assets we track against FRNM, SPY ranks #9 by 3-year correlation. Over the last 12 months FRNM came out ahead by 11.7 percentage points (+32.3% against +20.6%).
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.
FRNM vs SPY: side by side
| FRNM (Freenome, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.03 | 1.00 |
| Max drawdown (3Y) | -29.6% | -18.8% |
| Market cap | $1.5B | – |
| 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 | FRNM | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +28.0% | +17.7% |
| 2026 | +7.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRNM and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between FRNM and SPY?
The FRNM/SPY correlation stands at 0.02 on a 3-year window (1 year: 0.01, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FRNM?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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: FRNM correlations · SPY correlations
