FSV vs SPY: Correlation
FirstService Corporation (FSV) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSV and SPY?
Across a 3-year window, the weekly returns of FSV and SPY correlate at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.40 over 3 years. Stretching to 5 years gives 0.59, with an annualized covariance of 129.0 %².
By 3-year correlation, SPY places #8 of the 14 assets tracked against FSV. The last year tells two different stories: SPY led by 49.9 percentage points, -29.3% for FSV against +20.6% for SPY. One caveat on sizing: FSV is 1.5 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.
FSV vs SPY: side by side
| FSV (FirstService Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.3% | +20.6% |
| 5-year return | -21.9% | +82.4% |
| Volatility (ann.) | 22.3% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -39.4% | -18.8% |
| Market cap | $6.2B | – |
| P/E (trailing) | 40.7 | – |
| Dividend yield | 0.81% | 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 | FSV | SPY |
|---|---|---|
| 2022 | -37.2% | -18.2% |
| 2023 | +33.1% | +26.2% |
| 2024 | +12.3% | +24.9% |
| 2025 | -13.5% | +17.7% |
| 2026 | -8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSV and SPY good diversifiers for each other?
Reasonably. At 0.40, FSV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FSV and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.29 over the last year and 0.59 over 5 years.
Is SPY a good diversifier for FSV?
Reasonably. At 0.40, FSV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: FSV correlations · SPY correlations
