SBFG vs SPY: Correlation
Measured on weekly returns over the past three years, SB Financial Group, Inc. (SBFG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBFG and SPY?
On 3 years of weekly data the SBFG/SPY correlation comes out at 0.16, weak. Little has changed lately, as the 1-year reading of 0.06 lands near the 3-year figure. The 5-year figure is 0.18, and annualized covariance runs at 70.7 %².
Among the 13 assets we track against SBFG, SPY ranks #7 by 3-year correlation. The trailing year gives SBFG the advantage: +35.2% versus +20.6%, a 14.6-point spread. Note the risk asymmetry: SBFG runs 2.1 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.
SBFG vs SPY: side by side
| SBFG (SB Financial Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.2% | +20.6% |
| 5-year return | +88.6% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -27.8% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 2.25% | 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 | SBFG | SPY |
|---|---|---|
| 2022 | -7.0% | -18.2% |
| 2023 | -5.9% | +26.2% |
| 2024 | +41.1% | +24.9% |
| 2025 | +9.5% | +17.7% |
| 2026 | +27.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBFG and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SBFG and SPY?
The SBFG/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.06, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SBFG?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sbfg-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sbfg-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SBFG correlations · SPY correlations
