FCNCA vs SPY: Correlation
How closely do First Citizens BancShares, Inc. (FCNCA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCNCA and SPY?
Across a 3-year window, the weekly returns of FCNCA and SPY correlate at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.46). Stretching to 5 years gives 0.37, with an annualized covariance of 198.3 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against FCNCA. Over the last 12 months SPY came out ahead by 13.9 percentage points (+6.7% against +20.6%). Note the risk asymmetry: FCNCA runs 2.0 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.
FCNCA vs SPY: side by side
| FCNCA (First Citizens BancShares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.7% | +20.6% |
| 5-year return | +146.7% | +82.4% |
| Volatility (ann.) | 29.7% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -33.5% | -18.8% |
| Market cap | $24.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.38% | 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 | FCNCA | SPY |
|---|---|---|
| 2022 | -8.4% | -18.2% |
| 2023 | +87.7% | +26.2% |
| 2024 | +49.5% | +24.9% |
| 2025 | +2.0% | +17.7% |
| 2026 | +0.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCNCA and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FCNCA and SPY?
The FCNCA/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.23, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FCNCA?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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: FCNCA correlations · SPY correlations
