NBN vs SPY: Correlation
Northeast Bank (NBN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBN and SPY?
On 3 years of weekly data the NBN/SPY correlation comes out at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 169.6 %².
Among the 13 assets we track against NBN, SPY sits near the bottom by co-movement, at rank #9. Twelve-month performance is nearly a tie, at +17.7% for NBN and +20.6% for SPY. One caveat on sizing: NBN is 2.3 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.
NBN vs SPY: side by side
| NBN (Northeast Bank) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.7% | +20.6% |
| 5-year return | +303.8% | +82.4% |
| Volatility (ann.) | 33.6% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -27.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 0.03% | 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 | NBN | SPY |
|---|---|---|
| 2022 | +17.9% | -18.2% |
| 2023 | +31.2% | +26.2% |
| 2024 | +66.3% | +24.9% |
| 2025 | +13.3% | +17.7% |
| 2026 | +25.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBN and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NBN and SPY?
The NBN/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.29, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NBN?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 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: NBN correlations · SPY correlations
