FRPH vs SPY: Correlation
How closely do FRP Holdings, Inc. (FRPH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRPH and SPY?
Over the past 3 years, FRPH and SPY moved with a correlation of 0.27, which is weak. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.27). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 79.4 %².
Among the 11 assets we track against FRPH, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 34.5 points (-13.9% versus +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.
FRPH vs SPY: side by side
| FRPH (FRP Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.9% | +20.6% |
| 5-year return | -22.9% | +82.4% |
| Volatility (ann.) | 20.1% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -36.2% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 2223.0 | – |
| 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 | FRPH | SPY |
|---|---|---|
| 2022 | -6.8% | -18.2% |
| 2023 | +16.7% | +26.2% |
| 2024 | -2.6% | +24.9% |
| 2025 | -25.6% | +17.7% |
| 2026 | -2.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRPH and SPY good diversifiers for each other?
Reasonably. At 0.27, FRPH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRPH and SPY?
As of 2026-08-27, the correlation of weekly returns between FRPH and SPY is 0.27 over 3 years, 0.05 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for FRPH?
Reasonably. At 0.27, FRPH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FRPH correlations · SPY correlations
