BMRC vs SPY: Correlation
Measured on weekly returns over the past three years, Bank of Marin Bancorp (BMRC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMRC and SPY?
On 3 years of weekly data the BMRC/SPY correlation comes out at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.06 versus 0.33 over 3 years. The 5-year figure is 0.31, and annualized covariance runs at 156.4 %².
Among the 11 assets we track against BMRC, SPY sits near the bottom by co-movement, at rank #7. Over the last 12 months SPY came out ahead by 7.9 percentage points (+12.7% against +20.6%). One caveat on sizing: BMRC is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BMRC vs SPY: side by side
| BMRC (Bank of Marin Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.7% | +20.6% |
| 5-year return | -8.2% | +82.4% |
| Volatility (ann.) | 33.0% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -35.2% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.73% | 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 | BMRC | SPY |
|---|---|---|
| 2022 | -9.1% | -18.2% |
| 2023 | -29.5% | +26.2% |
| 2024 | +13.9% | +24.9% |
| 2025 | +14.2% | +17.7% |
| 2026 | +5.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMRC and SPY good diversifiers for each other?
Reasonably. At 0.33, BMRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BMRC and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.06 over the last year and 0.31 over 5 years.
Is SPY a good diversifier for BMRC?
Reasonably. At 0.33, BMRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BMRC correlations · SPY correlations
