BFC vs SPY: Correlation
How closely do Bank First Corporation (BFC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFC and SPY?
Over the past 3 years, BFC and SPY moved with a correlation of 0.38, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.38 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 146.6 %².
SPY is close to the least connected end of BFC's tracked universe, ranking #9 of 13. Twelve-month performance is nearly a tie, at +18.4% for BFC and +20.6% for SPY. Risk is not evenly split, since BFC carries 1.8 times the volatility of the other side.
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.
BFC vs SPY: side by side
| BFC (Bank First Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.4% | +20.6% |
| 5-year return | +139.3% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -15.7% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 1.27% | 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 | BFC | SPY |
|---|---|---|
| 2022 | +30.0% | -18.2% |
| 2023 | -5.3% | +26.2% |
| 2024 | +16.4% | +24.9% |
| 2025 | +28.7% | +17.7% |
| 2026 | +25.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFC and SPY good diversifiers for each other?
Reasonably. At 0.38, BFC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BFC and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.11 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for BFC?
Reasonably. At 0.38, BFC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bfc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bfc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BFC correlations · SPY correlations
