PFIS vs SPY: Correlation
How closely do Peoples Financial Services Corp. (PFIS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFIS and SPY?
On 3 years of weekly data the PFIS/SPY correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (0.07) runs below the 3-year figure (0.31). The 5-year figure is 0.34, and annualized covariance runs at 138.5 %².
Out of 16 assets tracked against PFIS, SPY lands near the bottom at #12. The trailing year gives PFIS the advantage: +35.5% versus +20.6%, a 14.9-point spread. One caveat on sizing: PFIS is 2.1 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.
PFIS vs SPY: side by side
| PFIS (Peoples Financial Services Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.5% | +20.6% |
| 5-year return | +82.0% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.56% | 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 | PFIS | SPY |
|---|---|---|
| 2022 | +1.5% | -18.2% |
| 2023 | -2.5% | +26.2% |
| 2024 | +9.9% | +24.9% |
| 2025 | +0.0% | +17.7% |
| 2026 | +45.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFIS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PFIS and SPY?
The PFIS/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.07, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PFIS?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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: PFIS correlations · SPY correlations
