FNB vs SPY: Correlation
F.N.B. Corporation (FNB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNB and SPY?
Across a 3-year window, the weekly returns of FNB and SPY correlate at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.54). Stretching to 5 years gives 0.53, with an annualized covariance of 214.3 %².
Within FNB's tracked universe of 53 assets, SPY comes in at #48 by 3-year correlation. Over the last 12 months SPY came out ahead by 7.2 percentage points (+13.4% against +20.6%). One caveat on sizing: FNB 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.
FNB vs SPY: side by side
| FNB (F.N.B. Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.4% | +20.6% |
| 5-year return | +91.1% | +82.4% |
| Volatility (ann.) | 27.4% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -32.6% | -18.8% |
| Market cap | $6.6B | – |
| P/E (trailing) | 11.0 | – |
| Dividend yield | 2.65% | 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 | FNB | SPY |
|---|---|---|
| 2022 | +11.7% | -18.2% |
| 2023 | +9.8% | +26.2% |
| 2024 | +11.0% | +24.9% |
| 2025 | +19.4% | +17.7% |
| 2026 | +9.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNB and SPY good diversifiers for each other?
Only partially. A correlation of 0.54 means FNB and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FNB and SPY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.26 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for FNB?
Only partially. A correlation of 0.54 means FNB and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNB correlations · SPY correlations
