CBFV vs SPY: Correlation
CB Financial Services, Inc. (CBFV) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBFV and SPY?
Across a 3-year window, the weekly returns of CBFV and SPY correlate at 0.26, weak. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.26 over 3 years. Stretching to 5 years gives 0.22, with an annualized covariance of 95.8 %².
Out of 10 assets tracked against CBFV, SPY lands near the bottom at #6. Neither side won the trailing year by much: +17.2% against +20.6%. Risk is not evenly split, since CBFV carries 1.7 times the volatility of the other side.
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.
CBFV vs SPY: side by side
| CBFV (CB Financial Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.2% | +20.6% |
| 5-year return | +97.7% | +82.4% |
| Volatility (ann.) | 25.3% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -21.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 2.89% | 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 | CBFV | SPY |
|---|---|---|
| 2022 | -7.2% | -18.2% |
| 2023 | +16.5% | +26.2% |
| 2024 | +25.1% | +24.9% |
| 2025 | +26.0% | +17.7% |
| 2026 | +9.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBFV and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBFV and SPY?
The CBFV/SPY correlation stands at 0.26 on a 3-year window (1 year: 0.12, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CBFV?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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/cbfv-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cbfv-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBFV correlations · SPY correlations
