FWRG vs SPY: Correlation
Measured on weekly returns over the past three years, First Watch Restaurant Group, Inc. (FWRG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRG and SPY?
Across a 3-year window, the weekly returns of FWRG and SPY correlate at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Stretching to 5 years gives 0.38, with an annualized covariance of 211.6 %².
SPY is close to the least connected end of FWRG's tracked universe, ranking #7 of 11. The last year tells two different stories: SPY led by 54.9 percentage points, -34.3% for FWRG against +20.6% for SPY. Note the risk asymmetry: FWRG runs 3.4 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.
FWRG vs SPY: side by side
| FWRG (First Watch Restaurant Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.3% | +20.6% |
| 5-year return | -44.1% | +82.4% |
| Volatility (ann.) | 49.3% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -60.4% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 45.9 | – |
| 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 | FWRG | SPY |
|---|---|---|
| 2022 | -19.3% | -18.2% |
| 2023 | +48.6% | +26.2% |
| 2024 | -7.4% | +24.9% |
| 2025 | -19.0% | +17.7% |
| 2026 | -17.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRG and SPY good diversifiers for each other?
Reasonably. At 0.30, FWRG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FWRG and SPY?
As of 2026-08-27, the correlation of weekly returns between FWRG and SPY is 0.30 over 3 years, 0.33 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for FWRG?
Reasonably. At 0.30, FWRG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 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: FWRG correlations · SPY correlations
