FMBH vs SPY: Correlation
How closely do First Mid Bancshares, Inc. (FMBH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMBH and SPY?
Over the past 3 years, FMBH and SPY moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 159.4 %².
SPY is close to the least connected end of FMBH's tracked universe, ranking #52 of 56. On 12-month performance FMBH holds a 6.3-point edge, +26.9% against +20.6%. One caveat on sizing: FMBH is 1.8 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.
FMBH vs SPY: side by side
| FMBH (First Mid Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.9% | +20.6% |
| 5-year return | +40.9% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -27.5% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 1.99% | 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 | FMBH | SPY |
|---|---|---|
| 2022 | -23.2% | -18.2% |
| 2023 | +11.6% | +26.2% |
| 2024 | +9.1% | +24.9% |
| 2025 | +8.7% | +17.7% |
| 2026 | +31.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and SPY good diversifiers for each other?
Reasonably. At 0.42, FMBH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FMBH and SPY?
As of 2026-08-27, the correlation of weekly returns between FMBH and SPY is 0.42 over 3 years, 0.10 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for FMBH?
Reasonably. At 0.42, FMBH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: FMBH correlations · SPY correlations
