FSBC vs SPY: Correlation
Measured on weekly returns over the past three years, Five Star Bancorp (FSBC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSBC and SPY?
On 3 years of weekly data the FSBC/SPY correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.44). The 5-year figure is 0.44, and annualized covariance runs at 170.8 %².
Among the 18 assets we track against FSBC, SPY ranks #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FSBC outperformed by 20.0 percentage points (+40.6% for FSBC against +20.6% for SPY). Note the risk asymmetry: FSBC runs 1.9 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.
FSBC vs SPY: side by side
| FSBC (Five Star Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.6% | +20.6% |
| 5-year return | +117.2% | +82.4% |
| Volatility (ann.) | 27.1% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -24.5% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 2.10% | 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 | FSBC | SPY |
|---|---|---|
| 2022 | -7.2% | -18.2% |
| 2023 | -0.6% | +26.2% |
| 2024 | +18.6% | +24.9% |
| 2025 | +22.1% | +17.7% |
| 2026 | +28.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSBC and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FSBC and SPY?
As of 2026-08-27, the correlation of weekly returns between FSBC and SPY is 0.44 over 3 years, 0.28 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for FSBC?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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: FSBC correlations · SPY correlations
