FNWB vs SPY: Correlation
How closely do First Northwest Bancorp (FNWB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNWB and SPY?
Across a 3-year window, the weekly returns of FNWB and SPY correlate at 0.12, weak. Little has changed lately, as the 1-year reading of 0.11 lands near the 3-year figure. Stretching to 5 years gives 0.16, with an annualized covariance of 58.4 %².
SPY is close to the least connected end of FNWB's tracked universe, ranking #6 of 10. The last year tells two different stories: FNWB led by 25.8 percentage points, +46.4% for FNWB against +20.6% for SPY. One caveat on sizing: FNWB is 2.4 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.
FNWB vs SPY: side by side
| FNWB (First Northwest Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.4% | +20.6% |
| 5-year return | -35.8% | +82.4% |
| Volatility (ann.) | 34.5% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -55.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 65.5 | – |
| Dividend yield | 0.00% | 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 | FNWB | SPY |
|---|---|---|
| 2022 | -22.7% | -18.2% |
| 2023 | +6.1% | +26.2% |
| 2024 | -34.3% | +24.9% |
| 2025 | -6.8% | +17.7% |
| 2026 | +18.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNWB and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNWB and SPY?
The FNWB/SPY correlation stands at 0.12 on a 3-year window (1 year: 0.11, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FNWB?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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: FNWB correlations · SPY correlations
