CBNK vs SPY: Correlation
Measured on weekly returns over the past three years, Capital Bancorp, Inc. (CBNK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBNK and SPY?
Over the past 3 years, CBNK and SPY moved with a correlation of 0.33, which is moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.33). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 131.2 %².
Out of 18 assets tracked against CBNK, SPY lands near the bottom at #14. The trailing year gives SPY the advantage: +7.3% versus +20.6%, a 13.3-point spread. Note the risk asymmetry: CBNK runs 1.9 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.
CBNK vs SPY: side by side
| CBNK (Capital Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.3% | +20.6% |
| 5-year return | +69.0% | +82.4% |
| Volatility (ann.) | 27.3% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -24.8% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 1.32% | 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 | CBNK | SPY |
|---|---|---|
| 2022 | -9.3% | -18.2% |
| 2023 | +4.3% | +26.2% |
| 2024 | +19.7% | +24.9% |
| 2025 | +0.3% | +17.7% |
| 2026 | +30.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBNK and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CBNK and SPY?
The CBNK/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.19, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CBNK?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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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Related comparisons
Hubs: CBNK correlations · SPY correlations
