FTS vs SPY: Correlation
How closely do Fortis Inc. (FTS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTS and SPY?
Across a 3-year window, the weekly returns of FTS and SPY correlate at 0.04, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.16) runs below the 3-year figure (0.04). Stretching to 5 years gives 0.26, with an annualized covariance of 8.9 %².
SPY is close to the least connected end of FTS's tracked universe, ranking #10 of 14. The trailing year gives SPY the advantage: +12.4% versus +20.6%, a 8.2-point spread.
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.
FTS vs SPY: side by side
| FTS (Fortis Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.4% | +20.6% |
| 5-year return | +43.4% | +82.4% |
| Volatility (ann.) | 14.6% | 14.5% |
| Beta vs S&P 500 | 0.04 | 1.00 |
| Max drawdown (3Y) | -11.6% | -18.8% |
| Market cap | $28.0B | – |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 4.58% | 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 | FTS | SPY |
|---|---|---|
| 2022 | -13.9% | -18.2% |
| 2023 | +7.0% | +26.2% |
| 2024 | +5.4% | +24.9% |
| 2025 | +28.5% | +17.7% |
| 2026 | +8.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTS and SPY good diversifiers for each other?
Yes. With a correlation of 0.04, FTS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FTS and SPY?
The FTS/SPY correlation stands at 0.04 on a 3-year window (1 year: -0.16, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FTS?
Yes. With a correlation of 0.04, FTS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.04 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: FTS correlations · SPY correlations
