SPY vs SSBI: Correlation
SPDR S&P 500 ETF Trust (SPY) and Summit State Bank (SSBI) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SSBI?
Over the past 3 years, SPY and SSBI moved with a correlation of 0.09, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.07 lands near the 3-year figure. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 49.4 %².
By 3-year correlation, SSBI places #4171 of the 4755 assets tracked against SPY. On 12-month performance SPY holds a 13.8-point edge, +20.6% against +6.8%. One caveat on sizing: SSBI is 2.6 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.
SPY vs SSBI: side by side
| SPY (SPDR S&P 500 ETF Trust) | SSBI (Summit State Bank) | |
|---|---|---|
| 1-year return | +20.6% | +6.8% |
| 5-year return | +82.4% | -2.9% |
| Volatility (ann.) | 14.5% | 37.6% |
| Beta vs S&P 500 | 1.00 | 0.24 |
| Max drawdown (3Y) | -18.8% | -60.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 39.0 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SSBI |
|---|---|---|
| 2022 | -18.2% | +5.2% |
| 2023 | +26.2% | -19.6% |
| 2024 | +24.9% | -35.9% |
| 2025 | +17.7% | +52.0% |
| 2026 | +13.7% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SSBI good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and SSBI?
As of 2026-08-27, the correlation of weekly returns between SPY and SSBI is 0.09 over 3 years, 0.07 over 1 year and 0.13 over 5 years.
Is SSBI a good diversifier for SPY?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
A reading of 0.09 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: SPY correlations · SSBI correlations
