FRST vs SPY: Correlation
Primis Financial Corp. (FRST) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRST and SPY?
Over the past 3 years, FRST and SPY moved with a correlation of 0.38, which is moderate. The past 12 months show a weaker link (0.03) than the 3-year average (0.38). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 183.3 %².
SPY is close to the least connected end of FRST's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months FRST outperformed by 25.6 percentage points (+46.2% for FRST against +20.6% for SPY). Note the risk asymmetry: FRST runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FRST vs SPY: side by side
| FRST (Primis Financial Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.2% | +20.6% |
| 5-year return | +26.9% | +82.4% |
| Volatility (ann.) | 33.3% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -39.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 7.4 | – |
| Dividend yield | 2.48% | 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 | FRST | SPY |
|---|---|---|
| 2022 | -18.8% | -18.2% |
| 2023 | +11.5% | +26.2% |
| 2024 | -4.7% | +24.9% |
| 2025 | +23.9% | +17.7% |
| 2026 | +16.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRST and SPY good diversifiers for each other?
Reasonably. At 0.38, FRST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRST and SPY?
As of 2026-08-27, the correlation of weekly returns between FRST and SPY is 0.38 over 3 years, 0.03 over 1 year and 0.37 over 5 years.
Is SPY a good diversifier for FRST?
Reasonably. At 0.38, FRST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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: FRST correlations · SPY correlations
