FUND vs SPY: Correlation
Measured on weekly returns over the past three years, Sprott Focus Trust, Inc. - Closed End Fund (FUND) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FUND and SPY?
Across a 3-year window, the weekly returns of FUND and SPY correlate at 0.62, strong. The past 12 months show a weaker link (0.46) than the 3-year average (0.62). Stretching to 5 years gives 0.70, with an annualized covariance of 160.0 %².
Among the 32 assets we track against FUND, SPY ranks #10 by 3-year correlation. The last year tells two different stories: FUND led by 18.5 percentage points, +39.1% for FUND against +20.6% for SPY.
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.
FUND vs SPY: side by side
| FUND (Sprott Focus Trust, Inc. - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.1% | +20.6% |
| 5-year return | +83.0% | +82.4% |
| Volatility (ann.) | 17.9% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -18.2% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 5.8 | – |
| Dividend yield | 5.36% | 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 | FUND | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | +6.9% | +26.2% |
| 2024 | -1.0% | +24.9% |
| 2025 | +27.5% | +17.7% |
| 2026 | +26.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FUND and SPY good diversifiers for each other?
Only partially. A correlation of 0.62 means FUND 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 FUND and SPY?
The FUND/SPY correlation stands at 0.62 on a 3-year window (1 year: 0.46, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FUND?
Only partially. A correlation of 0.62 means FUND 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 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: FUND correlations · SPY correlations
