CHMG vs SPY: Correlation
Chemung Financial Corp (CHMG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMG and SPY?
Over the past 3 years, CHMG and SPY moved with a correlation of 0.25, which is weak. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.25). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 95.1 %².
SPY is close to the least connected end of CHMG's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months CHMG outperformed by 35.0 percentage points (+55.6% for CHMG against +20.6% for SPY). One caveat on sizing: CHMG 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.
CHMG vs SPY: side by side
| CHMG (Chemung Financial Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.6% | +20.6% |
| 5-year return | +104.0% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -25.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.68% | 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 | CHMG | SPY |
|---|---|---|
| 2022 | +1.6% | -18.2% |
| 2023 | +11.7% | +26.2% |
| 2024 | +0.7% | +24.9% |
| 2025 | +17.3% | +17.7% |
| 2026 | +47.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CHMG and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.14 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for CHMG?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: CHMG correlations · SPY correlations
