NRIM vs SPY: Correlation
Northrim BanCorp Inc (NRIM) 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 NRIM and SPY?
On 3 years of weekly data the NRIM/SPY correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.35). The 5-year figure is 0.33, and annualized covariance runs at 186.7 %².
Out of 12 assets tracked against NRIM, SPY lands near the bottom at #8. On 12-month performance SPY holds a 9.1-point edge, +11.5% against +20.6%. Risk is not evenly split, since NRIM carries 2.5 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.
NRIM vs SPY: side by side
| NRIM (Northrim BanCorp Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.5% | +20.6% |
| 5-year return | +203.9% | +82.4% |
| Volatility (ann.) | 36.9% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -24.9% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 1.25% | 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 | NRIM | SPY |
|---|---|---|
| 2022 | +30.7% | -18.2% |
| 2023 | +10.4% | +26.2% |
| 2024 | +41.9% | +24.9% |
| 2025 | +40.5% | +17.7% |
| 2026 | -1.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRIM and SPY good diversifiers for each other?
Reasonably. At 0.35, NRIM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NRIM and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.08 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for NRIM?
Reasonably. At 0.35, NRIM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: NRIM correlations · SPY correlations
