CZFS vs SPY: Correlation
How closely do Citizens Financial Services, Inc. (CZFS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZFS and SPY?
Across a 3-year window, the weekly returns of CZFS and SPY correlate at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.05 versus 0.32 over 3 years. Stretching to 5 years gives 0.24, with an annualized covariance of 198.3 %².
Among the 14 assets we track against CZFS, SPY sits near the bottom by co-movement, at rank #10. The trailing year gives CZFS the advantage: +34.8% versus +20.6%, a 14.2-point spread. Note the risk asymmetry: CZFS runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CZFS vs SPY: side by side
| CZFS (Citizens Financial Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.8% | +20.6% |
| 5-year return | +56.8% | +82.4% |
| Volatility (ann.) | 43.2% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -38.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 2.49% | 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 | CZFS | SPY |
|---|---|---|
| 2022 | +31.2% | -18.2% |
| 2023 | -12.3% | +26.2% |
| 2024 | +2.7% | +24.9% |
| 2025 | -6.9% | +17.7% |
| 2026 | +44.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZFS and SPY good diversifiers for each other?
Reasonably. At 0.32, CZFS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CZFS and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.05 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for CZFS?
Reasonably. At 0.32, CZFS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: CZFS correlations · SPY correlations
