MSBI vs SPY: Correlation
Midland States Bancorp, Inc. (MSBI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSBI and SPY?
Over the past 3 years, MSBI and SPY moved with a correlation of 0.29, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.29 over 3 years. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 145.8 %².
Within MSBI's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MSBI outperformed by 66.5 percentage points (+87.1% for MSBI against +20.6% for SPY). One caveat on sizing: MSBI is 2.4 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.
MSBI vs SPY: side by side
| MSBI (Midland States Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +87.1% | +20.6% |
| 5-year return | +70.9% | +82.4% |
| Volatility (ann.) | 34.4% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -44.3% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 3.90% | 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 | MSBI | SPY |
|---|---|---|
| 2022 | +12.0% | -18.2% |
| 2023 | +9.1% | +26.2% |
| 2024 | -6.7% | +24.9% |
| 2025 | -6.9% | +17.7% |
| 2026 | +60.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSBI and SPY good diversifiers for each other?
Reasonably. At 0.29, MSBI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MSBI and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.07 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for MSBI?
Reasonably. At 0.29, MSBI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 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: MSBI correlations · SPY correlations
