FSUN vs SPY: Correlation
How closely do FirstSun Capital Bancorp (FSUN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSUN and SPY?
Across a 3-year window, the weekly returns of FSUN and SPY correlate at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.30). Stretching to 5 years gives 0.25, with an annualized covariance of 120.1 %².
Out of 13 assets tracked against FSUN, SPY lands near the bottom at #9. The trailing year gives SPY the advantage: +5.8% versus +20.6%, a 14.8-point spread. Risk is not evenly split, since FSUN carries 1.9 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.
FSUN vs SPY: side by side
| FSUN (FirstSun Capital Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 27.4% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -31.4% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 24.0 | – |
| 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 | FSUN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -6.7% | +26.2% |
| 2024 | +17.8% | +24.9% |
| 2025 | -6.0% | +17.7% |
| 2026 | +6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSUN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FSUN and SPY?
The FSUN/SPY correlation stands at 0.30 on a 3-year window (1 year: 0.12, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FSUN?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: FSUN correlations · SPY correlations
