NTB vs SPY: Correlation
How closely do Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTB and SPY?
Across a 3-year window, the weekly returns of NTB and SPY correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.44, with an annualized covariance of 147.8 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against NTB. The trailing year gives NTB the advantage: +34.0% versus +20.6%, a 13.4-point spread. Risk is not evenly split, since NTB carries 1.6 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.
NTB vs SPY: side by side
| NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.0% | +20.6% |
| 5-year return | +125.2% | +82.4% |
| Volatility (ann.) | 23.5% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -14.7% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 3.39% | 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 | NTB | SPY |
|---|---|---|
| 2022 | -17.5% | -18.2% |
| 2023 | +14.3% | +26.2% |
| 2024 | +20.2% | +24.9% |
| 2025 | +41.0% | +17.7% |
| 2026 | +21.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTB and SPY good diversifiers for each other?
Reasonably. At 0.44, NTB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NTB and SPY?
As of 2026-08-27, the correlation of weekly returns between NTB and SPY is 0.44 over 3 years, 0.21 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for NTB?
Reasonably. At 0.44, NTB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: NTB correlations · SPY correlations
