BSRR vs SPY: Correlation
How closely do Sierra Bancorp (BSRR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSRR and SPY?
On 3 years of weekly data the BSRR/SPY correlation comes out at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.38). The 5-year figure is 0.39, and annualized covariance runs at 173.9 %².
Out of 14 assets tracked against BSRR, SPY lands near the bottom at #10. On 12-month performance BSRR holds a 12.0-point edge, +32.6% against +20.6%. Note the risk asymmetry: BSRR runs 2.2 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.
BSRR vs SPY: side by side
| BSRR (Sierra Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.6% | +20.6% |
| 5-year return | +91.2% | +82.4% |
| Volatility (ann.) | 31.7% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 2.63% | 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 | BSRR | SPY |
|---|---|---|
| 2022 | -18.6% | -18.2% |
| 2023 | +11.5% | +26.2% |
| 2024 | +33.3% | +24.9% |
| 2025 | +17.0% | +17.7% |
| 2026 | +24.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSRR and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BSRR and SPY?
The BSRR/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.21, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BSRR?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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/bsrr-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bsrr-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BSRR correlations · SPY correlations
