FTV vs SPY: Correlation
How closely do Fortive (FTV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTV and SPY?
On 3 years of weekly data the FTV/SPY correlation comes out at 0.56, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.56). The 5-year figure is 0.66, and annualized covariance runs at 193.2 %².
By 3-year correlation, SPY places #19 of the 36 assets tracked against FTV. Their 12-month results are close: +23.9% for FTV against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.77. Note the risk asymmetry: FTV runs 1.6 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.
FTV vs SPY: side by side
| FTV (Fortive) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.9% | +20.6% |
| 5-year return | +9.6% | +82.4% |
| Volatility (ann.) | 23.8% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -28.0% | -18.8% |
| Market cap | $18.1B | – |
| P/E (trailing) | 31.9 | – |
| Dividend yield | 0.20% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | FTV | SPY |
|---|---|---|
| 2022 | -15.4% | -18.2% |
| 2023 | +15.1% | +26.2% |
| 2024 | +2.3% | +24.9% |
| 2025 | -1.9% | +17.7% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTV and SPY good diversifiers for each other?
Only partially. A correlation of 0.56 means FTV and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FTV and SPY?
The FTV/SPY correlation stands at 0.56 on a 3-year window (1 year: 0.31, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FTV?
Only partially. A correlation of 0.56 means FTV and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FTV correlations · SPY correlations
