FUFU vs SPY: Correlation
How closely do BitFuFu Inc. - Class A (FUFU) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FUFU and SPY?
Over the past 3 years, FUFU and SPY moved with a correlation of 0.17, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.29 versus 0.17 over 3 years. Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 210.7 %².
SPY is close to the least connected end of FUFU's tracked universe, ranking #8 of 11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 84.3 percentage points (-63.7% for FUFU against +20.6% for SPY). One caveat on sizing: FUFU is 5.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FUFU vs SPY: side by side
| FUFU (BitFuFu Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -63.7% | +20.6% |
| 5-year return | -85.4% | +82.4% |
| Volatility (ann.) | 84.0% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -90.4% | -18.8% |
| Market cap | $0.2B | – |
| 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 | FUFU | SPY |
|---|---|---|
| 2022 | +3.5% | -18.2% |
| 2023 | +8.0% | +26.2% |
| 2024 | -54.6% | +24.9% |
| 2025 | -46.7% | +17.7% |
| 2026 | -46.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FUFU and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, FUFU and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FUFU and SPY?
The FUFU/SPY correlation stands at 0.17 on a 3-year window (1 year: 0.29, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FUFU?
Yes. With a correlation of 0.17, FUFU and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
A reading of 0.17 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: FUFU correlations · SPY correlations
