FRSH vs SPY: Correlation
How closely do Freshworks Inc. (FRSH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRSH and SPY?
On 3 years of weekly data the FRSH/SPY correlation comes out at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.43). The 5-year figure is 0.47, and annualized covariance runs at 305.2 %².
By 3-year correlation, SPY places #20 of the 28 assets tracked against FRSH. The last year tells two different stories: SPY led by 20.0 percentage points, +0.6% for FRSH against +20.6% for SPY. Risk is not evenly split, since FRSH carries 3.4 times the volatility of the other side.
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.
FRSH vs SPY: side by side
| FRSH (Freshworks Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.6% | +20.6% |
| 5-year return | -71.2% | +82.4% |
| Volatility (ann.) | 48.9% | 14.5% |
| Beta vs S&P 500 | 1.46 | 1.00 |
| Max drawdown (3Y) | -71.9% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 20.4 | – |
| 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 | FRSH | SPY |
|---|---|---|
| 2022 | -44.0% | -18.2% |
| 2023 | +59.7% | +26.2% |
| 2024 | -31.2% | +24.9% |
| 2025 | -24.2% | +17.7% |
| 2026 | +11.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRSH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FRSH and SPY?
The FRSH/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.19, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FRSH?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FRSH correlations · SPY correlations
