ASRV vs SPY: Correlation
Measured on weekly returns over the past three years, AmeriServ Financial Inc. (ASRV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASRV and SPY?
Over the past 3 years, ASRV and SPY moved with a correlation of 0.13, which is weak. Little has changed lately, as the 1-year reading of 0.14 lands near the 3-year figure. Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 65.1 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against ASRV. Their recent paths diverged sharply: over the last 12 months ASRV outperformed by 42.7 percentage points (+63.3% for ASRV against +20.6% for SPY). Note the risk asymmetry: ASRV runs 2.4 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.
ASRV vs SPY: side by side
| ASRV (AmeriServ Financial Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +63.3% | +20.6% |
| 5-year return | +50.5% | +82.4% |
| Volatility (ann.) | 34.7% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -32.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.9 | – |
| 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 | ASRV | SPY |
|---|---|---|
| 2022 | +5.0% | -18.2% |
| 2023 | -14.5% | +26.2% |
| 2024 | -13.4% | +24.9% |
| 2025 | +24.3% | +17.7% |
| 2026 | +55.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASRV and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ASRV and SPY?
The ASRV/SPY correlation stands at 0.13 on a 3-year window (1 year: 0.14, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ASRV?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
A reading of 0.13 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASRV correlations · SPY correlations
