FBP vs SPY: Correlation
First BanCorp. New (FBP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBP and SPY?
Across a 3-year window, the weekly returns of FBP and SPY correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.47 over 3 years. Stretching to 5 years gives 0.48, with an annualized covariance of 174.8 %².
Within FBP's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. On 12-month performance FBP holds a 5.8-point edge, +26.4% against +20.6%. Risk is not evenly split, since FBP carries 1.8 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.
FBP vs SPY: side by side
| FBP (First BanCorp. New) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.4% | +20.6% |
| 5-year return | +155.4% | +82.4% |
| Volatility (ann.) | 25.8% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -22.9% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 11.8 | – |
| Dividend yield | 2.72% | 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 | FBP | SPY |
|---|---|---|
| 2022 | -4.7% | -18.2% |
| 2023 | +34.8% | +26.2% |
| 2024 | +16.9% | +24.9% |
| 2025 | +14.4% | +17.7% |
| 2026 | +36.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBP and SPY good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FBP and SPY?
As of 2026-08-27, the correlation of weekly returns between FBP and SPY is 0.47 over 3 years, 0.10 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for FBP?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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: FBP correlations · SPY correlations
