CCBG vs SPY: Correlation
Measured on weekly returns over the past three years, Capital City Bank Group (CCBG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCBG and SPY?
Over the past 3 years, CCBG and SPY moved with a correlation of 0.30, which is moderate. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.30). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 111.2 %².
Among the 13 assets we track against CCBG, SPY sits near the bottom by co-movement, at rank #9. Twelve-month performance is nearly a tie, at +19.9% for CCBG and +20.6% for SPY. One caveat on sizing: CCBG 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.
CCBG vs SPY: side by side
| CCBG (Capital City Bank Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.9% | +20.6% |
| 5-year return | +154.3% | +82.4% |
| Volatility (ann.) | 25.9% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -16.5% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 2.08% | 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 | CCBG | SPY |
|---|---|---|
| 2022 | +25.8% | -18.2% |
| 2023 | -7.1% | +26.2% |
| 2024 | +28.1% | +24.9% |
| 2025 | +19.1% | +17.7% |
| 2026 | +21.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCBG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CCBG and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.04 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for CCBG?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CCBG correlations · SPY correlations
