CVBF vs SPY: Correlation
Measured on weekly returns over the past three years, CVB Financial Corporation (CVBF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVBF and SPY?
Across a 3-year window, the weekly returns of CVBF and SPY correlate at 0.40, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.40). Stretching to 5 years gives 0.32, with an annualized covariance of 171.0 %².
Among the 16 assets we track against CVBF, SPY sits near the bottom by co-movement, at rank #12. The trailing year gives SPY the advantage: +13.6% versus +20.6%, a 7.0-point spread. One caveat on sizing: CVBF 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.
CVBF vs SPY: side by side
| CVBF (CVB Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.6% | +20.6% |
| 5-year return | +34.8% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -30.2% | -18.8% |
| Market cap | $3.9B | – |
| P/E (trailing) | 15.5 | – |
| Dividend yield | 3.57% | 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 | CVBF | SPY |
|---|---|---|
| 2022 | +24.0% | -18.2% |
| 2023 | -18.5% | +26.2% |
| 2024 | +11.9% | +24.9% |
| 2025 | -9.4% | +17.7% |
| 2026 | +22.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVBF and SPY good diversifiers for each other?
Reasonably. At 0.40, CVBF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CVBF and SPY?
As of 2026-08-27, the correlation of weekly returns between CVBF and SPY is 0.40 over 3 years, 0.17 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for CVBF?
Reasonably. At 0.40, CVBF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvbf-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvbf-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVBF correlations · SPY correlations
