ASB vs SPY: Correlation
Associated Banc-Corp (ASB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and SPY?
Over the past 3 years, ASB and SPY moved with a correlation of 0.51, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.51). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 215.8 %².
By 3-year correlation, SPY places #41 of the 47 assets tracked against ASB. Their 12-month results are close: +18.5% for ASB against +20.6% for SPY. Note the risk asymmetry: ASB runs 2.0 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.
ASB vs SPY: side by side
| ASB (Associated Banc-Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.5% | +20.6% |
| 5-year return | +82.7% | +82.4% |
| Volatility (ann.) | 29.0% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -31.6% | -18.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 3.08% | 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 | ASB | SPY |
|---|---|---|
| 2022 | +6.0% | -18.2% |
| 2023 | -2.9% | +26.2% |
| 2024 | +16.2% | +24.9% |
| 2025 | +11.8% | +17.7% |
| 2026 | +21.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASB and SPY?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.26 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for ASB?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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: ASB correlations · SPY correlations
