CZNC vs SPY: Correlation
Citizens & Northern Corp (CZNC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZNC and SPY?
On 3 years of weekly data the CZNC/SPY correlation comes out at 0.30, moderate. The past 12 months show a weaker link (-0.01) than the 3-year average (0.30). The 5-year figure is 0.29, and annualized covariance runs at 118.6 %².
Among the 14 assets we track against CZNC, SPY sits near the bottom by co-movement, at rank #10. The trailing year gives CZNC the advantage: +32.5% versus +20.6%, a 11.9-point spread. Note the risk asymmetry: CZNC runs 1.9 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.
CZNC vs SPY: side by side
| CZNC (Citizens & Northern Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.5% | +20.6% |
| 5-year return | +31.8% | +82.4% |
| Volatility (ann.) | 27.6% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -26.1% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 4.42% | 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 | CZNC | SPY |
|---|---|---|
| 2022 | -8.4% | -18.2% |
| 2023 | +3.7% | +26.2% |
| 2024 | -12.2% | +24.9% |
| 2025 | +14.9% | +17.7% |
| 2026 | +31.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZNC and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CZNC and SPY?
The CZNC/SPY correlation stands at 0.30 on a 3-year window (1 year: -0.01, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CZNC?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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: CZNC correlations · SPY correlations
