FXNC vs SPY: Correlation
First National Corporation (FXNC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXNC and SPY?
Over the past 3 years, FXNC and SPY moved with a correlation of 0.27, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.27 over 3 years. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 105.2 %².
Within FXNC's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: FXNC led by 15.3 percentage points, +35.9% for FXNC against +20.6% for SPY. One caveat on sizing: FXNC is 1.9 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.
FXNC vs SPY: side by side
| FXNC (First National Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.9% | +20.6% |
| 5-year return | +71.2% | +82.4% |
| Volatility (ann.) | 27.4% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -31.6% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 2.15% | 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 | FXNC | SPY |
|---|---|---|
| 2022 | -23.3% | -18.2% |
| 2023 | +31.5% | +26.2% |
| 2024 | +9.3% | +24.9% |
| 2025 | +12.7% | +17.7% |
| 2026 | +24.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXNC and SPY good diversifiers for each other?
Reasonably. At 0.27, FXNC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FXNC and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.16 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for FXNC?
Reasonably. At 0.27, FXNC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 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: FXNC correlations · SPY correlations
