MCBS vs SPY: Correlation
Measured on weekly returns over the past three years, MetroCity Bankshares, Inc. (MCBS) 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 MCBS and SPY?
On 3 years of weekly data the MCBS/SPY correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.44). The 5-year figure is 0.45, and annualized covariance runs at 178.5 %².
By 3-year correlation, SPY places #24 of the 30 assets tracked against MCBS. Neither side won the trailing year by much: +20.8% against +20.6%. Note the risk asymmetry: MCBS 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.
MCBS vs SPY: side by side
| MCBS (MetroCity Bankshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.8% | +20.6% |
| 5-year return | +99.5% | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -28.0% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 2.95% | 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 | MCBS | SPY |
|---|---|---|
| 2022 | -19.3% | -18.2% |
| 2023 | +15.3% | +26.2% |
| 2024 | +37.1% | +24.9% |
| 2025 | -14.1% | +17.7% |
| 2026 | +35.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCBS 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 MCBS and SPY?
The MCBS/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.16, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MCBS?
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: MCBS correlations · SPY correlations
