FT vs SPY: Correlation
Franklin Universal Trust (FT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FT and SPY?
On 3 years of weekly data the FT/SPY correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.45). The 5-year figure is 0.52, and annualized covariance runs at 67.8 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against FT. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.8 percentage points (+4.8% for FT against +20.6% for SPY).
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.
FT vs SPY: side by side
| FT (Franklin Universal Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.8% | +20.6% |
| 5-year return | +31.6% | +82.4% |
| Volatility (ann.) | 10.5% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -10.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 6.0 | – |
| Dividend yield | 6.58% | 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 | FT | SPY |
|---|---|---|
| 2022 | -14.0% | -18.2% |
| 2023 | +6.6% | +26.2% |
| 2024 | +18.4% | +24.9% |
| 2025 | +17.0% | +17.7% |
| 2026 | +1.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FT and SPY?
The FT/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.32, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FT?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: FT correlations · SPY correlations
