BFST vs SPY: Correlation
Measured on weekly returns over the past three years, Business First Bancshares, Inc. (BFST) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFST and SPY?
On 3 years of weekly data the BFST/SPY correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.40 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 171.5 %².
Out of 19 assets tracked against BFST, SPY lands near the bottom at #15. On 12-month performance BFST holds a 5.0-point edge, +25.6% against +20.6%. Risk is not evenly split, since BFST carries 2.0 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.
BFST vs SPY: side by side
| BFST (Business First Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.6% | +20.6% |
| 5-year return | +47.5% | +82.4% |
| Volatility (ann.) | 29.7% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -27.3% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 11.1 | – |
| Dividend yield | 1.93% | 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 | BFST | SPY |
|---|---|---|
| 2022 | -20.2% | -18.2% |
| 2023 | +14.4% | +26.2% |
| 2024 | +6.9% | +24.9% |
| 2025 | +4.0% | +17.7% |
| 2026 | +21.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFST and SPY good diversifiers for each other?
Reasonably. At 0.40, BFST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BFST and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.11 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for BFST?
Reasonably. At 0.40, BFST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: BFST correlations · SPY correlations
