CNOB vs SPY: Correlation
How closely do ConnectOne Bancorp, Inc. (CNOB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNOB and SPY?
Over the past 3 years, CNOB and SPY moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.40 over 3 years. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 195.6 %².
Within CNOB's tracked universe of 17 assets, SPY comes in at #12 by 3-year correlation. On 12-month performance CNOB holds a 6.9-point edge, +27.5% against +20.6%. Risk is not evenly split, since CNOB carries 2.3 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.
CNOB vs SPY: side by side
| CNOB (ConnectOne Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.5% | +20.6% |
| 5-year return | +28.9% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -26.6% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 2.35% | 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 | CNOB | SPY |
|---|---|---|
| 2022 | -24.4% | -18.2% |
| 2023 | -1.8% | +26.2% |
| 2024 | +3.3% | +24.9% |
| 2025 | +17.8% | +17.7% |
| 2026 | +24.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNOB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNOB and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.19 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for CNOB?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 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: CNOB correlations · SPY correlations
