FTAI vs SPY: Correlation
Measured on weekly returns over the past three years, FTAI Aviation Ltd. (FTAI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTAI and SPY?
Across a 3-year window, the weekly returns of FTAI and SPY correlate at 0.27, weak. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 231.9 %².
Out of 10 assets tracked against FTAI, SPY lands near the bottom at #7. Over the last 12 months FTAI came out ahead by 13.5 percentage points (+34.1% against +20.6%). Note the risk asymmetry: FTAI runs 4.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FTAI vs SPY: side by side
| FTAI (FTAI Aviation Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.1% | +20.6% |
| 5-year return | +884.3% | +82.4% |
| Volatility (ann.) | 59.0% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -52.1% | -18.8% |
| Market cap | $20.5B | – |
| P/E (trailing) | 43.8 | – |
| Dividend yield | 0.84% | 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 | FTAI | SPY |
|---|---|---|
| 2022 | -25.8% | -18.2% |
| 2023 | +181.6% | +26.2% |
| 2024 | +214.7% | +24.9% |
| 2025 | +38.0% | +17.7% |
| 2026 | +1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTAI and SPY good diversifiers for each other?
Reasonably. At 0.27, FTAI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FTAI and SPY?
The FTAI/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.37, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FTAI?
Reasonably. At 0.27, FTAI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: FTAI correlations · SPY correlations
