LCNB vs SPY: Correlation
Measured on weekly returns over the past three years, LCNB Corporation (LCNB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LCNB and SPY?
On 3 years of weekly data the LCNB/SPY correlation comes out at 0.24, weak. The link has loosened recently: the 1-year correlation (0.07) runs below the 3-year figure (0.24). The 5-year figure is 0.23, and annualized covariance runs at 102.9 %².
Among the 14 assets we track against LCNB, SPY sits near the bottom by co-movement, at rank #10. On 12-month performance LCNB holds a 6.8-point edge, +27.4% against +20.6%. One caveat on sizing: LCNB is 2.0 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.
LCNB vs SPY: side by side
| LCNB (LCNB Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.4% | +20.6% |
| 5-year return | +43.8% | +82.4% |
| Volatility (ann.) | 29.6% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -23.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 4.59% | 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 | LCNB | SPY |
|---|---|---|
| 2022 | -3.4% | -18.2% |
| 2023 | -7.5% | +26.2% |
| 2024 | +1.7% | +24.9% |
| 2025 | +14.7% | +17.7% |
| 2026 | +21.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LCNB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LCNB and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.07 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for LCNB?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lcnb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lcnb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LCNB correlations · SPY correlations
