ISTR vs SPY: Correlation
Investar Holding Corporation (ISTR) 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 ISTR and SPY?
Across a 3-year window, the weekly returns of ISTR and SPY correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.38 over 3 years. Stretching to 5 years gives 0.24, with an annualized covariance of 176.2 %².
Out of 12 assets tracked against ISTR, SPY lands near the bottom at #8. On 12-month performance ISTR holds a 11.7-point edge, +32.3% against +20.6%. Note the risk asymmetry: ISTR runs 2.2 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.
ISTR vs SPY: side by side
| ISTR (Investar Holding Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.3% | +20.6% |
| 5-year return | +50.1% | +82.4% |
| Volatility (ann.) | 32.1% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -35.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 12.4 | – |
| Dividend yield | 1.50% | 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 | ISTR | SPY |
|---|---|---|
| 2022 | +19.0% | -18.2% |
| 2023 | -28.6% | +26.2% |
| 2024 | +50.7% | +24.9% |
| 2025 | +24.2% | +17.7% |
| 2026 | +14.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ISTR and SPY good diversifiers for each other?
Reasonably. At 0.38, ISTR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ISTR and SPY?
The ISTR/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.20, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ISTR?
Reasonably. At 0.38, ISTR 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: ISTR correlations · SPY correlations
