FTSE 100 vs S&P 500
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
The FTSE 100 is heavy on energy, mining, banking, and consumer staples, making it a value-and-dividend index. When the FTSE outperforms the S&P, global value factors are working, commodities are rising, and income-oriented capital is being rewarded. The FTSE's sector composition makes it a natural hedge against tech-driven S&P drawdowns.
Cross-Asset Analysis
This page pairs FTSE 100 (FTSE 100 index, the UK large-cap equity benchmark) against S&P 500 ETF (SPY) (SPDR S&P 500 ETF, tracks the benchmark US equity index) to surface the specific macro signal that lives in the cross asset pair relationship. Cross-asset flows follow macro regime changes with typical lags, which is why spreads like FTSE 100-S&P 500 ETF (SPY) often precede coincident indicators. Liquidity-driven windows produce cross-asset co-movement in FTSE 100 and S&P 500 ETF (SPY); fundamentals-driven regimes produce divergence.
Policy-driven transitions trigger sudden repricing into the FTSE 100-S&P 500 ETF (SPY) relationship because the two markets respond to policy guidance on different timescales. Implied volatility regimes in FTSE 100 and S&P 500 ETF (SPY) transmit through gamma flows that couple one market to the other via dealer balance sheets. Tactical allocators reposition across the FTSE 100-S&P 500 ETF (SPY) spread based on where each asset sits relative to its fundamental anchor.
Macro funds use the FTSE 100-S&P 500 ETF (SPY) spread to express views cleaner than single-asset trades, pinpointing the exact macro factor they want to bet on. Policy interventions can artificially reshape the FTSE 100-S&P 500 ETF (SPY) spread, most notably when central banks absorb specific asset classes.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between FTSE 100 and S&P 500 ETF (SPY)?+
FTSE 100 and S&P 500 ETF (SPY) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between FTSE 100 and S&P 500 ETF (SPY) captures the specific macro signal that flows through this relationship.
When does FTSE 100 typically lead S&P 500 ETF (SPY)?+
FTSE 100 tends to lead S&P 500 ETF (SPY) during macro regime changes, where the more liquid asset moves first. In those periods, moves in FTSE 100 precede corresponding moves in S&P 500 ETF (SPY) by days to weeks, depending on the transmission channel and the depth of each market.
How are FTSE 100 and S&P 500 ETF (SPY) historically correlated?+
Long-run correlation between FTSE 100 and S&P 500 ETF (SPY) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the FTSE 100-S&P 500 ETF (SPY) relationship.
What macro conditions drive divergence between FTSE 100 and S&P 500 ETF (SPY)?+
Divergence between FTSE 100 and S&P 500 ETF (SPY) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in FTSE 100 or S&P 500 ETF (SPY).
Is FTSE 100 a hedge for S&P 500 ETF (SPY)?+
Cross-asset hedges between FTSE 100 and S&P 500 ETF (SPY) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the FTSE 100-S&P 500 ETF (SPY) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.