ORRF vs SPY: Correlation
How closely do Orrstown Financial Services, Inc. (ORRF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORRF and SPY?
On 3 years of weekly data the ORRF/SPY correlation comes out at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.43). The 5-year figure is 0.37, and annualized covariance runs at 176.3 %².
SPY is close to the least connected end of ORRF's tracked universe, ranking #13 of 17. Neither side won the trailing year by much: +24.6% against +20.6%. One caveat on sizing: ORRF 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.
ORRF vs SPY: side by side
| ORRF (Orrstown Financial Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.6% | +20.6% |
| 5-year return | +111.1% | +82.4% |
| Volatility (ann.) | 28.5% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -35.9% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 2.70% | 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 | ORRF | SPY |
|---|---|---|
| 2022 | -5.3% | -18.2% |
| 2023 | +32.3% | +26.2% |
| 2024 | +27.7% | +24.9% |
| 2025 | -0.0% | +17.7% |
| 2026 | +21.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORRF and SPY good diversifiers for each other?
Reasonably. At 0.43, ORRF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ORRF and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.18 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for ORRF?
Reasonably. At 0.43, ORRF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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: ORRF correlations · SPY correlations
