PCB vs SPY: Correlation
PCB Bancorp (PCB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCB and SPY?
On 3 years of weekly data the PCB/SPY correlation comes out at 0.38, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.38). The 5-year figure is 0.36, and annualized covariance runs at 144.5 %².
SPY is close to the least connected end of PCB's tracked universe, ranking #16 of 20. On 12-month performance PCB holds a 8.5-point edge, +29.1% against +20.6%. Note the risk asymmetry: PCB runs 1.8 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.
PCB vs SPY: side by side
| PCB (PCB Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.1% | +20.6% |
| 5-year return | +74.8% | +82.4% |
| Volatility (ann.) | 26.3% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -22.8% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 3.04% | 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 | PCB | SPY |
|---|---|---|
| 2022 | -17.0% | -18.2% |
| 2023 | +8.9% | +26.2% |
| 2024 | +14.6% | +24.9% |
| 2025 | +11.2% | +17.7% |
| 2026 | +30.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PCB and SPY?
The PCB/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.17, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PCB?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pcb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pcb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PCB correlations · SPY correlations
