CLBK vs SPY: Correlation
Measured on weekly returns over the past three years, Columbia Financial, Inc. (CLBK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLBK and SPY?
On 3 years of weekly data the CLBK/SPY correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.31). The 5-year figure is 0.23, and annualized covariance runs at 133.2 %².
Among the 11 assets we track against CLBK, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months CLBK outperformed by 50.1 percentage points (+70.7% for CLBK against +20.6% for SPY). One caveat on sizing: CLBK is 2.1 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.
CLBK vs SPY: side by side
| CLBK (Columbia Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +70.7% | +20.6% |
| 5-year return | +45.5% | +82.4% |
| Volatility (ann.) | 30.1% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 21.3 | – |
| Dividend yield | 0.00% | 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 | CLBK | SPY |
|---|---|---|
| 2022 | +3.6% | -18.2% |
| 2023 | -10.8% | +26.2% |
| 2024 | -18.0% | +24.9% |
| 2025 | -1.7% | +17.7% |
| 2026 | +67.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLBK and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLBK and SPY?
The CLBK/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.09, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLBK?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clbk-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clbk-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLBK correlations · SPY correlations
