BHB vs SPY: Correlation
Bar Harbor Bankshares, Inc. (BHB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHB and SPY?
On 3 years of weekly data the BHB/SPY correlation comes out at 0.34, moderate. The past 12 months show a weaker link (0.06) than the 3-year average (0.34). The 5-year figure is 0.40, and annualized covariance runs at 140.3 %².
Out of 21 assets tracked against BHB, SPY lands near the bottom at #17. Over the last 12 months BHB came out ahead by 5.6 percentage points (+26.2% against +20.6%). Note the risk asymmetry: BHB 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.
BHB vs SPY: side by side
| BHB (Bar Harbor Bankshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.2% | +20.6% |
| 5-year return | +75.3% | +82.4% |
| Volatility (ann.) | 28.3% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -27.1% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 3.31% | 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 | BHB | SPY |
|---|---|---|
| 2022 | +14.8% | -18.2% |
| 2023 | -4.5% | +26.2% |
| 2024 | +8.6% | +24.9% |
| 2025 | +5.7% | +17.7% |
| 2026 | +29.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHB and SPY good diversifiers for each other?
Reasonably. At 0.34, BHB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BHB and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.06 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for BHB?
Reasonably. At 0.34, BHB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: BHB correlations · SPY correlations
