BANC vs SPY: Correlation
Measured on weekly returns over the past three years, Banc of California, Inc. (BANC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANC and SPY?
Over the past 3 years, BANC and SPY moved with a correlation of 0.47, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.47 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 225.6 %².
Within BANC's tracked universe of 14 assets, SPY comes in at #8 by 3-year correlation. Over the last 12 months SPY came out ahead by 5.9 percentage points (+14.7% against +20.6%). Note the risk asymmetry: BANC runs 2.3 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.
BANC vs SPY: side by side
| BANC (Banc of California, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.7% | +20.6% |
| 5-year return | +18.5% | +82.4% |
| Volatility (ann.) | 33.4% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -31.2% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.34% | 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 | BANC | SPY |
|---|---|---|
| 2022 | -17.7% | -18.2% |
| 2023 | -13.0% | +26.2% |
| 2024 | +18.3% | +24.9% |
| 2025 | +28.0% | +17.7% |
| 2026 | -1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANC and SPY good diversifiers for each other?
Reasonably. At 0.47, BANC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BANC and SPY?
As of 2026-08-27, the correlation of weekly returns between BANC and SPY is 0.47 over 3 years, 0.25 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for BANC?
Reasonably. At 0.47, BANC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: BANC correlations · SPY correlations
