FULT vs SPY: Correlation
Fulton Financial Corporation (FULT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FULT and SPY?
Over the past 3 years, FULT and SPY moved with a correlation of 0.49, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.49 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 214.1 %².
SPY is close to the least connected end of FULT's tracked universe, ranking #41 of 45. Neither side won the trailing year by much: +24.1% against +20.6%. Note the risk asymmetry: FULT runs 2.1 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.
FULT vs SPY: side by side
| FULT (Fulton Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.1% | +20.6% |
| 5-year return | +85.0% | +82.4% |
| Volatility (ann.) | 30.3% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -29.9% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 3.15% | 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 | FULT | SPY |
|---|---|---|
| 2022 | +3.1% | -18.2% |
| 2023 | +2.5% | +26.2% |
| 2024 | +21.9% | +24.9% |
| 2025 | +4.3% | +17.7% |
| 2026 | +25.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FULT and SPY good diversifiers for each other?
Reasonably. At 0.49, FULT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FULT and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.21 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for FULT?
Reasonably. At 0.49, FULT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fult-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fult-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FULT correlations · SPY correlations
