SFBS vs SPY: Correlation
Measured on weekly returns over the past three years, ServisFirst Bancshares, Inc. (SFBS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SFBS and SPY?
Over the past 3 years, SFBS and SPY moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 200.9 %².
SPY is close to the least connected end of SFBS's tracked universe, ranking #10 of 14. The last year tells two different stories: SPY led by 21.4 percentage points, -0.8% for SFBS against +20.6% for SPY. Note the risk asymmetry: SFBS runs 2.4 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.
SFBS vs SPY: side by side
| SFBS (ServisFirst Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.8% | +20.6% |
| 5-year return | +29.4% | +82.4% |
| Volatility (ann.) | 34.1% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -30.4% | -18.8% |
| Market cap | $4.7B | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 1.70% | 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 | SFBS | SPY |
|---|---|---|
| 2022 | -17.9% | -18.2% |
| 2023 | -1.2% | +26.2% |
| 2024 | +28.8% | +24.9% |
| 2025 | -13.9% | +17.7% |
| 2026 | +22.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SFBS and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SFBS and SPY?
The SFBS/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.10, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SFBS?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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: SFBS correlations · SPY correlations
