FITB vs SPY: Correlation
Fifth Third Bancorp (FITB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and SPY?
Over the past 3 years, FITB and SPY moved with a correlation of 0.51, which is moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.51). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 215.6 %².
By 3-year correlation, SPY places #31 of the 45 assets tracked against FITB. Neither side won the trailing year by much: +24.6% against +20.6%. This link changes with the market regime, having swung between 0.22 and 0.81 on a rolling one-year basis. Risk is not evenly split, since FITB carries 2.0 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.
FITB vs SPY: side by side
| FITB (Fifth Third Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.6% | +20.6% |
| 5-year return | +71.2% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -29.9% | -18.8% |
| Market cap | $49.7B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 2.90% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | FITB | SPY |
|---|---|---|
| 2022 | -21.9% | -18.2% |
| 2023 | +10.4% | +26.2% |
| 2024 | +27.2% | +24.9% |
| 2025 | +14.8% | +17.7% |
| 2026 | +19.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FITB represents 0.08% of SPY's portfolio, so part of any move in SPY is FITB itself, and the correlation between them is partly mechanical.
Are FITB and SPY good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FITB and SPY?
The FITB/SPY correlation stands at 0.51 on a 3-year window (1 year: 0.25, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FITB?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FITB correlations · SPY correlations
