FMAO vs SPY: Correlation
Farmers & Merchants Bancorp, Inc. (FMAO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and SPY?
Over the past 3 years, FMAO and SPY moved with a correlation of 0.36, which is moderate. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.36). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 188.4 %².
SPY is close to the least connected end of FMAO's tracked universe, ranking #15 of 19. On 12-month performance FMAO holds a 10.8-point edge, +31.4% against +20.6%. Note the risk asymmetry: FMAO runs 2.5 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.
FMAO vs SPY: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.4% | +20.6% |
| 5-year return | +78.8% | +82.4% |
| Volatility (ann.) | 36.2% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -35.0% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.6 | – |
| 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 | FMAO | SPY |
|---|---|---|
| 2022 | -14.9% | -18.2% |
| 2023 | -5.3% | +26.2% |
| 2024 | +23.1% | +24.9% |
| 2025 | -13.0% | +17.7% |
| 2026 | +39.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FMAO and SPY?
As of 2026-08-27, the correlation of weekly returns between FMAO and SPY is 0.36 over 3 years, 0.13 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for FMAO?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fmao-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmao-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FMAO correlations · SPY correlations
