BUSE vs SPY: Correlation
Measured on weekly returns over the past three years, First Busey Corporation (BUSE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and SPY?
On 3 years of weekly data the BUSE/SPY correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.43). The 5-year figure is 0.40, and annualized covariance runs at 165.9 %².
SPY is close to the least connected end of BUSE's tracked universe, ranking #34 of 38. On 12-month performance BUSE holds a 6.9-point edge, +27.5% against +20.6%. One caveat on sizing: BUSE is 1.8 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.
BUSE vs SPY: side by side
| BUSE (First Busey Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.5% | +20.6% |
| 5-year return | +56.7% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -31.0% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.39% | 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 | BUSE | SPY |
|---|---|---|
| 2022 | -5.5% | -18.2% |
| 2023 | +5.1% | +26.2% |
| 2024 | -1.2% | +24.9% |
| 2025 | +5.5% | +17.7% |
| 2026 | +30.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and SPY good diversifiers for each other?
Reasonably. At 0.43, BUSE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BUSE and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.13 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for BUSE?
Reasonably. At 0.43, BUSE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: BUSE correlations · SPY correlations
