EBMT vs SPY: Correlation
Measured on weekly returns over the past three years, Eagle Bancorp Montana, Inc. (EBMT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBMT and SPY?
On 3 years of weekly data the EBMT/SPY correlation comes out at 0.29, weak. The link has loosened recently: the 1-year correlation (0.15) runs below the 3-year figure (0.29). The 5-year figure is 0.24, and annualized covariance runs at 105.5 %².
SPY is close to the least connected end of EBMT's tracked universe, ranking #8 of 12. The trailing year gives EBMT the advantage: +32.2% versus +20.6%, a 11.6-point spread. Note the risk asymmetry: EBMT runs 1.7 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.
EBMT vs SPY: side by side
| EBMT (Eagle Bancorp Montana, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.2% | +20.6% |
| 5-year return | +21.5% | +82.4% |
| Volatility (ann.) | 25.2% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -22.2% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 11.0 | – |
| Dividend yield | 2.56% | 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 | EBMT | SPY |
|---|---|---|
| 2022 | -27.8% | -18.2% |
| 2023 | +1.9% | +26.2% |
| 2024 | +1.1% | +24.9% |
| 2025 | +34.4% | +17.7% |
| 2026 | +14.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBMT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EBMT and SPY?
As of 2026-08-27, the correlation of weekly returns between EBMT and SPY is 0.29 over 3 years, 0.15 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for EBMT?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 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: EBMT correlations · SPY correlations
