BHRB vs SPY: Correlation
Burke & Herbert Financial Services Corp. (BHRB) 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 BHRB and SPY?
Across a 3-year window, the weekly returns of BHRB and SPY correlate at 0.34, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.34). Stretching to 5 years gives 0.26, with an annualized covariance of 154.9 %².
SPY is close to the least connected end of BHRB's tracked universe, ranking #12 of 16. Neither side won the trailing year by much: +16.0% against +20.6%. Risk is not evenly split, since BHRB carries 2.2 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.
BHRB vs SPY: side by side
| BHRB (Burke & Herbert Financial Services Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.0% | +20.6% |
| 5-year return | +57.3% | +82.4% |
| Volatility (ann.) | 31.8% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -30.8% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 3.07% | 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 | BHRB | SPY |
|---|---|---|
| 2022 | +33.3% | -18.2% |
| 2023 | -7.8% | +26.2% |
| 2024 | +2.9% | +24.9% |
| 2025 | +3.6% | +17.7% |
| 2026 | +17.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHRB and SPY good diversifiers for each other?
Reasonably. At 0.34, BHRB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BHRB and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.11 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for BHRB?
Reasonably. At 0.34, BHRB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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/bhrb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhrb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHRB correlations · SPY correlations
