BY vs SPY: Correlation
Measured on weekly returns over the past three years, Byline Bancorp, Inc. (BY) 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 BY and SPY?
Across a 3-year window, the weekly returns of BY and SPY correlate at 0.43, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.43). Stretching to 5 years gives 0.44, with an annualized covariance of 167.6 %².
Among the 70 assets we track against BY, SPY sits near the bottom by co-movement, at rank #66. Over the last 12 months BY came out ahead by 11.9 percentage points (+32.5% against +20.6%). One caveat on sizing: BY 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.
BY vs SPY: side by side
| BY (Byline Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.5% | +20.6% |
| 5-year return | +66.2% | +82.4% |
| Volatility (ann.) | 26.8% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -27.2% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.15% | 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 | BY | SPY |
|---|---|---|
| 2022 | -14.7% | -18.2% |
| 2023 | +4.3% | +26.2% |
| 2024 | +25.0% | +24.9% |
| 2025 | +2.0% | +17.7% |
| 2026 | +32.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BY and SPY?
As of 2026-08-27, the correlation of weekly returns between BY and SPY is 0.43 over 3 years, 0.11 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for BY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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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