FWONK vs SPY: Correlation
Measured on weekly returns over the past three years, Liberty Media Corporation - Series C Liberty Formula One (FWONK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWONK and SPY?
Over the past 3 years, FWONK and SPY moved with a correlation of 0.31, which is moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 112.9 %².
SPY is close to the least connected end of FWONK's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.3 points (+2.3% versus +20.6%). One caveat on sizing: FWONK 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.
FWONK vs SPY: side by side
| FWONK (Liberty Media Corporation - Series C Liberty Formula One) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.3% | +20.6% |
| 5-year return | +110.9% | +82.4% |
| Volatility (ann.) | 25.2% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -24.8% | -18.8% |
| Market cap | $25.6B | – |
| P/E (trailing) | 127.6 | – |
| 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 | FWONK | SPY |
|---|---|---|
| 2022 | -5.5% | -18.2% |
| 2023 | +9.2% | +26.2% |
| 2024 | +46.8% | +24.9% |
| 2025 | +6.3% | +17.7% |
| 2026 | +3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWONK and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWONK and SPY?
The FWONK/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.32, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FWONK?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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.
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Related comparisons
Hubs: FWONK correlations · SPY correlations
