PBHC vs SPY: Correlation
Pathfinder Bancorp, Inc. (PBHC) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBHC and SPY?
Across a 3-year window, the weekly returns of PBHC and SPY correlate at -0.01, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. Stretching to 5 years gives 0.04, with an annualized covariance of -4.3 %².
Among the 14 assets we track against PBHC, SPY ranks #7 by 3-year correlation. On 12-month performance SPY holds a 8.2-point edge, +12.4% against +20.6%. Risk is not evenly split, since PBHC carries 1.9 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.
PBHC vs SPY: side by side
| PBHC (Pathfinder Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.4% | +20.6% |
| 5-year return | +13.4% | +82.4% |
| Volatility (ann.) | 27.4% | 14.5% |
| Beta vs S&P 500 | -0.02 | 1.00 |
| Max drawdown (3Y) | -33.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1632.0 | – |
| Dividend yield | 2.42% | 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 | PBHC | SPY |
|---|---|---|
| 2022 | +13.5% | -18.2% |
| 2023 | -25.1% | +26.2% |
| 2024 | +28.5% | +24.9% |
| 2025 | -17.3% | +17.7% |
| 2026 | +18.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBHC and SPY good diversifiers for each other?
Yes: at -0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PBHC and SPY?
The PBHC/SPY correlation stands at -0.01 on a 3-year window (1 year: 0.09, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PBHC?
Yes: at -0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.01 mean?
A reading of -0.01 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: PBHC correlations · SPY correlations
