FBIZ vs SPY: Correlation
How closely do First Business Financial Services, Inc. (FBIZ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIZ and SPY?
On 3 years of weekly data the FBIZ/SPY correlation comes out at 0.38, moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.38). The 5-year figure is 0.33, and annualized covariance runs at 165.5 %².
Out of 13 assets tracked against FBIZ, SPY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with FBIZ ahead by 17.4 points (+38.0% versus +20.6%). Risk is not evenly split, since FBIZ carries 2.1 times the volatility of the other side.
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.
FBIZ vs SPY: side by side
| FBIZ (First Business Financial Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +38.0% | +20.6% |
| 5-year return | +187.1% | +82.4% |
| Volatility (ann.) | 30.0% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -20.8% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 1.80% | 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 | FBIZ | SPY |
|---|---|---|
| 2022 | +28.2% | -18.2% |
| 2023 | +12.9% | +26.2% |
| 2024 | +18.4% | +24.9% |
| 2025 | +20.1% | +17.7% |
| 2026 | +32.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIZ and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FBIZ and SPY?
The FBIZ/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.21, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FBIZ?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: FBIZ correlations · SPY correlations
