PB vs SPY: Correlation
Measured on weekly returns over the past three years, Prosperity Bancshares, Inc. (PB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PB and SPY?
Over the past 3 years, PB and SPY moved with a correlation of 0.37, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.37 over 3 years. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 126.5 %².
Among the 10 assets we track against PB, SPY sits near the bottom by co-movement, at rank #6. The trailing year gives SPY the advantage: +8.1% versus +20.6%, a 12.5-point spread. Risk is not evenly split, since PB 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.
PB vs SPY: side by side
| PB (Prosperity Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.1% | +20.6% |
| 5-year return | +23.1% | +82.4% |
| Volatility (ann.) | 23.7% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -24.8% | -18.8% |
| Market cap | $8.7B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 3.26% | 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 | PB | SPY |
|---|---|---|
| 2022 | +3.6% | -18.2% |
| 2023 | -3.3% | +26.2% |
| 2024 | +15.1% | +24.9% |
| 2025 | -5.1% | +17.7% |
| 2026 | +7.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PB and SPY good diversifiers for each other?
Reasonably. At 0.37, PB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PB and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.11 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for PB?
Reasonably. At 0.37, PB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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: PB correlations · SPY correlations
