FWONA vs SPY: Correlation
Liberty Media Corporation - Series A Liberty Formula One (FWONA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWONA and SPY?
Over the past 3 years, FWONA and SPY moved with a correlation of 0.33, which is moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 121.0 %².
Out of 10 assets tracked against FWONA, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 15.9 percentage points, +4.7% for FWONA against +20.6% for SPY. One caveat on sizing: FWONA is 1.7 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.
FWONA vs SPY: side by side
| FWONA (Liberty Media Corporation - Series A Liberty Formula One) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.7% | +20.6% |
| 5-year return | +116.6% | +82.4% |
| Volatility (ann.) | 25.1% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -25.7% | -18.8% |
| Market cap | $23.6B | – |
| P/E (trailing) | 117.6 | – |
| 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 | FWONA | SPY |
|---|---|---|
| 2022 | -10.0% | -18.2% |
| 2023 | +13.3% | +26.2% |
| 2024 | +44.9% | +24.9% |
| 2025 | +6.4% | +17.7% |
| 2026 | +5.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWONA and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWONA and SPY?
As of 2026-08-27, the correlation of weekly returns between FWONA and SPY is 0.33 over 3 years, 0.37 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for FWONA?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fwona-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwona-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FWONA correlations · SPY correlations
