SMBK vs SPY: Correlation
Measured on weekly returns over the past three years, SmartFinancial, Inc. (SMBK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMBK and SPY?
Across a 3-year window, the weekly returns of SMBK and SPY correlate at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.42). Stretching to 5 years gives 0.42, with an annualized covariance of 174.6 %².
By 3-year correlation, SPY places #20 of the 26 assets tracked against SMBK. The last year tells two different stories: SMBK led by 17.0 percentage points, +37.6% for SMBK against +20.6% for SPY. One caveat on sizing: SMBK is 2.0 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.
SMBK vs SPY: side by side
| SMBK (SmartFinancial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +37.6% | +20.6% |
| 5-year return | +113.7% | +82.4% |
| Volatility (ann.) | 28.9% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -26.4% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.65% | 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 | SMBK | SPY |
|---|---|---|
| 2022 | +1.6% | -18.2% |
| 2023 | -9.7% | +26.2% |
| 2024 | +28.1% | +24.9% |
| 2025 | +20.5% | +17.7% |
| 2026 | +37.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMBK and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SMBK and SPY?
As of 2026-08-27, the correlation of weekly returns between SMBK and SPY is 0.42 over 3 years, 0.12 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for SMBK?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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: SMBK correlations · SPY correlations
