RMBI vs SPY: Correlation
Measured on weekly returns over the past three years, Richmond Mutual Bancorporation, Inc. (RMBI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMBI and SPY?
Across a 3-year window, the weekly returns of RMBI and SPY correlate at 0.19, weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.19). Stretching to 5 years gives 0.26, with an annualized covariance of 71.4 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against RMBI. Over the last 12 months SPY came out ahead by 6.0 percentage points (+14.6% against +20.6%). Note the risk asymmetry: RMBI runs 1.7 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.
RMBI vs SPY: side by side
| RMBI (Richmond Mutual Bancorporation, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.6% | +20.6% |
| 5-year return | +24.6% | +82.4% |
| Volatility (ann.) | 25.3% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -20.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 3.78% | 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 | RMBI | SPY |
|---|---|---|
| 2022 | -16.7% | -18.2% |
| 2023 | -7.2% | +26.2% |
| 2024 | +28.6% | +24.9% |
| 2025 | +3.7% | +17.7% |
| 2026 | +16.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMBI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between RMBI and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.02 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for RMBI?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: RMBI correlations · SPY correlations
