FBNC vs SPY: Correlation
First Bancorp (FBNC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBNC and SPY?
On 3 years of weekly data the FBNC/SPY correlation comes out at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.43). The 5-year figure is 0.41, and annualized covariance runs at 186.9 %².
Within FBNC's tracked universe of 23 assets, SPY comes in at #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +16.9% for FBNC and +20.6% for SPY. Risk is not evenly split, since FBNC 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.
FBNC vs SPY: side by side
| FBNC (First Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.9% | +20.6% |
| 5-year return | +72.4% | +82.4% |
| Volatility (ann.) | 30.0% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -26.0% | -18.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 1.47% | 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 | FBNC | SPY |
|---|---|---|
| 2022 | -4.2% | -18.2% |
| 2023 | -11.2% | +26.2% |
| 2024 | +21.7% | +24.9% |
| 2025 | +17.8% | +17.7% |
| 2026 | +26.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBNC and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FBNC and SPY?
The FBNC/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.18, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FBNC?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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: FBNC correlations · SPY correlations
