FFBC vs SPY: Correlation
First Financial Bancorp. (FFBC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFBC and SPY?
On 3 years of weekly data the FFBC/SPY correlation comes out at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.42 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 169.7 %².
Out of 31 assets tracked against FFBC, SPY lands near the bottom at #27. The trailing year gives FFBC the advantage: +26.7% versus +20.6%, a 6.1-point spread. One caveat on sizing: FFBC is 1.9 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.
FFBC vs SPY: side by side
| FFBC (First Financial Bancorp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.7% | +20.6% |
| 5-year return | +69.6% | +82.4% |
| Volatility (ann.) | 28.0% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -26.1% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 3.05% | 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 | FFBC | SPY |
|---|---|---|
| 2022 | +3.4% | -18.2% |
| 2023 | +2.4% | +26.2% |
| 2024 | +17.6% | +24.9% |
| 2025 | -3.3% | +17.7% |
| 2026 | +33.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFBC and SPY good diversifiers for each other?
Reasonably. At 0.42, FFBC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FFBC and SPY?
As of 2026-08-27, the correlation of weekly returns between FFBC and SPY is 0.42 over 3 years, 0.14 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for FFBC?
Reasonably. At 0.42, FFBC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ffbc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ffbc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FFBC correlations · SPY correlations
