FTRE vs SPY: Correlation
Fortrea Holdings Inc. (FTRE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTRE and SPY?
Over the past 3 years, FTRE and SPY moved with a correlation of 0.29, which is weak. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 332.2 %².
SPY is close to the least connected end of FTRE's tracked universe, ranking #8 of 12. The last year tells two different stories: FTRE led by 88.3 percentage points, +108.9% for FTRE against +20.6% for SPY. Note the risk asymmetry: FTRE runs 5.4 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.
FTRE vs SPY: side by side
| FTRE (Fortrea Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +108.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 78.9% | 14.5% |
| Beta vs S&P 500 | 1.59 | 1.00 |
| Max drawdown (3Y) | -89.9% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | – | – |
| 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 | FTRE | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -46.6% | +24.9% |
| 2025 | -7.5% | +17.7% |
| 2026 | +9.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTRE and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FTRE and SPY?
The FTRE/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.22, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FTRE?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 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: FTRE correlations · SPY correlations
