ACNB vs SPY: Correlation
ACNB Corporation (ACNB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACNB and SPY?
On 3 years of weekly data the ACNB/SPY correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.35). The 5-year figure is 0.29, and annualized covariance runs at 169.9 %².
Out of 11 assets tracked against ACNB, SPY lands near the bottom at #7. The last year tells two different stories: ACNB led by 25.2 percentage points, +45.8% for ACNB against +20.6% for SPY. One caveat on sizing: ACNB is 2.3 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.
ACNB vs SPY: side by side
| ACNB (ACNB Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +45.8% | +20.6% |
| 5-year return | +163.7% | +82.4% |
| Volatility (ann.) | 33.7% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -34.6% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.36% | 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 | ACNB | SPY |
|---|---|---|
| 2022 | +31.2% | -18.2% |
| 2023 | +16.2% | +26.2% |
| 2024 | -8.0% | +24.9% |
| 2025 | +25.2% | +17.7% |
| 2026 | +36.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACNB and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ACNB and SPY?
As of 2026-08-27, the correlation of weekly returns between ACNB and SPY is 0.35 over 3 years, 0.11 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for ACNB?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ACNB correlations · SPY correlations
