NIC vs SPY: Correlation
How closely do Nicolet Bankshares Inc. (NIC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIC and SPY?
Over the past 3 years, NIC and SPY moved with a correlation of 0.34, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.34 over 3 years. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 143.5 %².
SPY is close to the least connected end of NIC's tracked universe, ranking #8 of 12. Their 12-month results are close: +24.0% for NIC against +20.6% for SPY. One caveat on sizing: NIC 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.
NIC vs SPY: side by side
| NIC (Nicolet Bankshares Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.0% | +20.6% |
| 5-year return | +131.8% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -17.9% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 0.77% | 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 | NIC | SPY |
|---|---|---|
| 2022 | -7.0% | -18.2% |
| 2023 | +1.9% | +26.2% |
| 2024 | +31.9% | +24.9% |
| 2025 | +16.8% | +17.7% |
| 2026 | +42.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIC and SPY good diversifiers for each other?
Reasonably. At 0.34, NIC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NIC and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.08 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for NIC?
Reasonably. At 0.34, NIC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: NIC correlations · SPY correlations
