EQBK vs SPY: Correlation
Equity Bancshares, Inc. (EQBK) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQBK and SPY?
On 3 years of weekly data the EQBK/SPY correlation comes out at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.03) runs below the 3-year figure (0.38). The 5-year figure is 0.36, and annualized covariance runs at 159.3 %².
Among the 15 assets we track against EQBK, SPY ranks #10 by 3-year correlation. Their 12-month results are close: +23.7% for EQBK against +20.6% for SPY. One caveat on sizing: EQBK is 2.0 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.
EQBK vs SPY: side by side
| EQBK (Equity Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.7% | +20.6% |
| 5-year return | +67.0% | +82.4% |
| Volatility (ann.) | 28.8% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -28.3% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 31.5 | – |
| Dividend yield | 1.45% | 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 | EQBK | SPY |
|---|---|---|
| 2022 | -2.6% | -18.2% |
| 2023 | +5.5% | +26.2% |
| 2024 | +26.9% | +24.9% |
| 2025 | +6.9% | +17.7% |
| 2026 | +12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQBK and SPY good diversifiers for each other?
Reasonably. At 0.38, EQBK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EQBK and SPY?
The EQBK/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.03, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EQBK?
Reasonably. At 0.38, EQBK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EQBK correlations · SPY correlations
