FNLC vs SPY: Correlation
First Bancorp, Inc (ME) (FNLC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNLC and SPY?
Across a 3-year window, the weekly returns of FNLC and SPY correlate at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.23 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 96.0 %².
Among the 17 assets we track against FNLC, SPY sits near the bottom by co-movement, at rank #13. The trailing year gives FNLC the advantage: +33.4% versus +20.6%, a 12.8-point spread. Risk is not evenly split, since FNLC 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.
FNLC vs SPY: side by side
| FNLC (First Bancorp, Inc (ME)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.4% | +20.6% |
| 5-year return | +51.0% | +82.4% |
| Volatility (ann.) | 29.5% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -25.0% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 4.32% | 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 | FNLC | SPY |
|---|---|---|
| 2022 | -0.4% | -18.2% |
| 2023 | -0.5% | +26.2% |
| 2024 | +2.5% | +24.9% |
| 2025 | +2.3% | +17.7% |
| 2026 | +35.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNLC and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FNLC and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with -0.08 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for FNLC?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 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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Related comparisons
Hubs: FNLC correlations · SPY correlations
