CBAN vs SPY: Correlation
How closely do Colony Bankcorp, Inc. (CBAN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBAN and SPY?
Over the past 3 years, CBAN and SPY moved with a correlation of 0.42, which is moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.42). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 172.7 %².
Within CBAN's tracked universe of 16 assets, SPY comes in at #11 by 3-year correlation. The trailing year gives CBAN the advantage: +27.4% versus +20.6%, a 6.8-point spread. One caveat on sizing: CBAN is 2.0 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.
CBAN vs SPY: side by side
| CBAN (Colony Bankcorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.4% | +20.6% |
| 5-year return | +36.8% | +82.4% |
| Volatility (ann.) | 28.8% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -20.9% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.22% | 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 | CBAN | SPY |
|---|---|---|
| 2022 | -23.5% | -18.2% |
| 2023 | +9.2% | +26.2% |
| 2024 | +25.7% | +24.9% |
| 2025 | +13.6% | +17.7% |
| 2026 | +21.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBAN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBAN and SPY?
The CBAN/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.13, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CBAN?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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: CBAN correlations · SPY correlations
