OBT vs SPY: Correlation
How closely do Orange County Bancorp, Inc. (OBT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBT and SPY?
Across a 3-year window, the weekly returns of OBT and SPY correlate at 0.32, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.32). Stretching to 5 years gives 0.16, with an annualized covariance of 174.3 %².
Out of 11 assets tracked against OBT, SPY lands near the bottom at #7. The last year tells two different stories: OBT led by 25.1 percentage points, +45.7% for OBT against +20.6% for SPY. Note the risk asymmetry: OBT runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OBT vs SPY: side by side
| OBT (Orange County Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +45.7% | +20.6% |
| 5-year return | +143.9% | +82.4% |
| Volatility (ann.) | 38.3% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 1.77% | 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 | OBT | SPY |
|---|---|---|
| 2022 | +18.3% | -18.2% |
| 2023 | +32.1% | +26.2% |
| 2024 | -6.1% | +24.9% |
| 2025 | +5.0% | +17.7% |
| 2026 | +34.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OBT and SPY?
As of 2026-08-27, the correlation of weekly returns between OBT and SPY is 0.32 over 3 years, 0.17 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for OBT?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: OBT correlations · SPY correlations
