BOTJ vs SPY: Correlation
How closely do Bank of the James Financial Group, Inc. (BOTJ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOTJ and SPY?
On 3 years of weekly data the BOTJ/SPY correlation comes out at 0.13, weak. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. The 5-year figure is 0.19, and annualized covariance runs at 46.3 %².
Within BOTJ's tracked universe of 16 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BOTJ ahead by 57.9 points (+78.5% versus +20.6%). Note the risk asymmetry: BOTJ runs 1.8 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.
BOTJ vs SPY: side by side
| BOTJ (Bank of the James Financial Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +78.5% | +20.6% |
| 5-year return | +119.5% | +82.4% |
| Volatility (ann.) | 25.5% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -27.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 1.50% | 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 | BOTJ | SPY |
|---|---|---|
| 2022 | -21.2% | -18.2% |
| 2023 | +5.8% | +26.2% |
| 2024 | +34.1% | +24.9% |
| 2025 | +20.3% | +17.7% |
| 2026 | +46.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOTJ and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between BOTJ and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.11 over the last year and 0.19 over 5 years.
Is SPY a good diversifier for BOTJ?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
A reading of 0.13 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BOTJ correlations · SPY correlations
