FRBA vs SPY: Correlation
How closely do First Bank (FRBA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRBA and SPY?
Across a 3-year window, the weekly returns of FRBA and SPY correlate at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.33 over 3 years. Stretching to 5 years gives 0.38, with an annualized covariance of 127.9 %².
SPY is close to the least connected end of FRBA's tracked universe, ranking #10 of 14. On 12-month performance SPY holds a 11.7-point edge, +8.9% against +20.6%. One caveat on sizing: FRBA 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.
FRBA vs SPY: side by side
| FRBA (First Bank) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.9% | +20.6% |
| 5-year return | +47.4% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -22.0% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.67% | 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 | FRBA | SPY |
|---|---|---|
| 2022 | -3.6% | -18.2% |
| 2023 | +9.1% | +26.2% |
| 2024 | -2.6% | +24.9% |
| 2025 | +18.8% | +17.7% |
| 2026 | +10.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRBA and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FRBA and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.07 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for FRBA?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: FRBA correlations · SPY correlations
