FLEX vs. SPY

Last updated Jun 20, 2026

FLEX (Flex Ltd.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FLEX returned 35.30%/yr vs 15.48%/yr for SPY. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

FLEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Flex Ltd. (FLEX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLEX achieves a 144.31% return, which is significantly higher than SPY's 10.09% return. Over the past 10 years, FLEX has outperformed SPY with an annualized return of 35.30%, while SPY has yielded a comparatively lower 15.48% annualized return.

FLEX

• 1D: 3.13%
• 1M: 11.43%
• YTD: 144.31%
• 6M: 129.78%
• 1Y: 220.68%
• 3Y*: 115.22%
• 5Y*: 73.82%
• 10Y*: 35.30%

SPY

• 1D: 1.04%
• 1M: 0.80%
• YTD: 10.09%
• 6M: 10.30%
• 1Y: 27.05%
• 3Y*: 20.82%
• 5Y*: 14.00%
• 10Y*: 15.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FLEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEX Flex Ltd.	144.31%	57.38%	127.87%	41.94%	17.08%	1.95%	42.47%	65.83%	-57.70%	25.19%
SPY State Street SPDR S&P 500 ETF	10.09%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FLEX and SPY is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 18, 1994	0.52

The correlation between FLEX and SPY shifts across timeframes, from 0.52 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FLEX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLEX

FLEX Risk / Return Rank: 97
FLEX Sharpe Ratio Rank: 97
FLEX Sortino Ratio Rank: 97
FLEX Omega Ratio Rank: 95
FLEX Calmar Ratio Rank: 98
FLEX Martin Ratio Rank: 98

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FLEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Flex Ltd. (FLEX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FLEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.60	2.17	+1.43
Sortino ratio: Return per unit of downside risk	4.40	2.92	+1.48
Omega ratio: Gain probability vs. loss probability	1.56	1.39	+0.17
Calmar ratio: Return relative to maximum drawdown	12.03	3.02	+9.01
Martin ratio: Return relative to average drawdown	28.17	13.61	+14.56

FLEX vs. SPY - Sharpe Ratio Comparison

The current FLEX Sharpe Ratio is 3.60, which is higher than the SPY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FLEX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLEX vs. SPY - Drawdown Comparison

The maximum FLEX drawdown since its inception was -96.37%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FLEX and SPY.

Drawdown Indicators

	FLEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-96.37%	-55.19%	-41.18%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-8.88%	-9.50%
Max Drawdown (3Y) Largest decline over 3 years	-39.99%	-18.76%	-21.23%
Max Drawdown (5Y) Largest decline over 5 years	-39.99%	-24.50%	-15.49%
Max Drawdown (10Y) Largest decline over 10 years	-70.02%	-33.72%	-36.30%
Current Drawdown Current decline from peak	-8.85%	-1.44%	-7.41%
Average Drawdown Average peak-to-trough decline	-55.25%	-9.04%	-46.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.83%	1.97%	+5.86%

Volatility

FLEX vs. SPY - Volatility Comparison

Flex Ltd. (FLEX) has a higher volatility of 17.87% compared to State Street SPDR S&P 500 ETF (SPY) at 4.73%. This indicates that FLEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	4.73%	+13.14%
Volatility (6M) Calculated over the trailing 6-month period	50.36%	9.81%	+40.55%
Volatility (1Y) Calculated over the trailing 1-year period	61.52%	12.41%	+49.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.26%	17.15%	+30.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.88%	17.98%	+27.90%

Dividends

FLEX vs. SPY - Dividend Comparison

FLEX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLEX Flex Ltd.	0.00%	0.00%	21.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FLEX and SPY in my portfolio?

FLEX and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLEX or SPY?

FLEX has higher volatility (17.87%) compared to SPY (4.73%). In terms of maximum drawdown, FLEX dropped -96.37% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FLEX currently has the higher Sharpe Ratio (3.60 vs 2.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.