FISI vs SPY: Correlation
Measured on weekly returns over the past three years, Financial Institutions, Inc. (FISI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FISI and SPY?
Over the past 3 years, FISI and SPY moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 194.3 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against FISI. Their recent paths diverged sharply: over the last 12 months FISI outperformed by 33.7 percentage points (+54.3% for FISI against +20.6% for SPY). Note the risk asymmetry: FISI runs 2.2 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.
FISI vs SPY: side by side
| FISI (Financial Institutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +54.3% | +20.6% |
| 5-year return | +65.6% | +82.4% |
| Volatility (ann.) | 31.9% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -27.8% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 3.09% | 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 | FISI | SPY |
|---|---|---|
| 2022 | -20.0% | -18.2% |
| 2023 | -6.8% | +26.2% |
| 2024 | +35.5% | +24.9% |
| 2025 | +19.5% | +17.7% |
| 2026 | +33.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FISI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FISI and SPY?
As of 2026-08-27, the correlation of weekly returns between FISI and SPY is 0.42 over 3 years, 0.24 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for FISI?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined 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.
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Hubs: FISI correlations · SPY correlations
