QNBC vs SPY: Correlation
Measured on weekly returns over the past three years, QNB Corp. (QNBC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QNBC and SPY?
Across a 3-year window, the weekly returns of QNBC and SPY correlate at -0.02, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.18) than the 3-year average (-0.02). Stretching to 5 years gives 0.10, with an annualized covariance of -5.8 %².
Within QNBC's tracked universe of 19 assets, SPY comes in at #6 by 3-year correlation. On 12-month performance QNBC holds a 10.7-point edge, +31.3% against +20.6%.
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.
QNBC vs SPY: side by side
| QNBC (QNB Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.3% | +20.6% |
| 5-year return | +50.2% | +82.4% |
| Volatility (ann.) | 17.1% | 14.5% |
| Beta vs S&P 500 | -0.03 | 1.00 |
| Max drawdown (3Y) | -12.1% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 3.43% | 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 | QNBC | SPY |
|---|---|---|
| 2022 | -23.3% | -18.2% |
| 2023 | +4.7% | +26.2% |
| 2024 | +37.9% | +24.9% |
| 2025 | +7.7% | +17.7% |
| 2026 | +31.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QNBC and SPY good diversifiers for each other?
Yes: at -0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QNBC and SPY?
As of 2026-08-27, the correlation of weekly returns between QNBC and SPY is -0.02 over 3 years, 0.18 over 1 year and 0.10 over 5 years.
Is SPY a good diversifier for QNBC?
Yes: at -0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.02 mean?
A reading of -0.02 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: QNBC correlations · SPY correlations
