FRT vs SPY: Correlation
How closely do Federal Realty Investment Trust (FRT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRT and SPY?
Over the past 3 years, FRT and SPY moved with a correlation of 0.39, which is moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.39). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 109.9 %².
By 3-year correlation, SPY places #34 of the 46 assets tracked against FRT. Their 12-month results are close: +21.6% for FRT against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.09 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment.
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.
FRT vs SPY: side by side
| FRT (Federal Realty Investment Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.6% | +20.6% |
| 5-year return | +18.8% | +82.4% |
| Volatility (ann.) | 19.5% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -27.4% | -18.8% |
| Market cap | $10.2B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 3.84% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | FRT | SPY |
|---|---|---|
| 2022 | -22.7% | -18.2% |
| 2023 | +6.6% | +26.2% |
| 2024 | +12.1% | +24.9% |
| 2025 | -5.9% | +17.7% |
| 2026 | +19.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRT and SPY good diversifiers for each other?
Reasonably. At 0.39, FRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRT and SPY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.12 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for FRT?
Reasonably. At 0.39, FRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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.
Use this data
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Related comparisons
Hubs: FRT correlations · SPY correlations
