FRO vs SPY: Correlation
Frontline Plc (FRO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRO and SPY?
On 3 years of weekly data the FRO/SPY correlation comes out at 0.18, weak. Recent behaviour matches the longer record: 0.21 over 1 year against 0.18 over 3. The 5-year figure is 0.27, and annualized covariance runs at 119.5 %².
SPY is close to the least connected end of FRO's tracked universe, ranking #10 of 14. The last year tells two different stories: FRO led by 109.0 percentage points, +129.6% for FRO against +20.6% for SPY. One caveat on sizing: FRO is 3.2 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.
FRO vs SPY: side by side
| FRO (Frontline Plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +129.6% | +20.6% |
| 5-year return | +771.5% | +82.4% |
| Volatility (ann.) | 46.1% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -52.0% | -18.8% |
| Market cap | $9.7B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 7.60% | 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 | FRO | SPY |
|---|---|---|
| 2022 | +73.7% | -18.2% |
| 2023 | +96.2% | +26.2% |
| 2024 | -22.5% | +24.9% |
| 2025 | +57.3% | +17.7% |
| 2026 | +115.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between FRO and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.21 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for FRO?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
On the −1 to +1 scale, 0.18 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fro-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fro-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FRO correlations · SPY correlations
