MYFW vs SPY: Correlation
First Western Financial, Inc. (MYFW) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MYFW and SPY?
On 3 years of weekly data the MYFW/SPY correlation comes out at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.45 over 3 years. The 5-year figure is 0.38, and annualized covariance runs at 225.3 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against MYFW. On 12-month performance MYFW holds a 12.5-point edge, +33.1% against +20.6%. Risk is not evenly split, since MYFW carries 2.4 times the volatility of the other side.
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.
MYFW vs SPY: side by side
| MYFW (First Western Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.1% | +20.6% |
| 5-year return | +13.7% | +82.4% |
| Volatility (ann.) | 34.7% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -37.4% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 0.00% | 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 | MYFW | SPY |
|---|---|---|
| 2022 | -7.3% | -18.2% |
| 2023 | -29.6% | +26.2% |
| 2024 | -1.4% | +24.9% |
| 2025 | +37.1% | +17.7% |
| 2026 | +15.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MYFW and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MYFW and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.34 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for MYFW?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
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Related comparisons
Hubs: MYFW correlations · SPY correlations
