SPY vs SYBT: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Stock Yards Bancorp, Inc. (SYBT) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SYBT?
Across a 3-year window, the weekly returns of SPY and SYBT correlate at 0.45, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.45). Stretching to 5 years gives 0.44, with an annualized covariance of 195.3 %².
Within SPY's tracked universe of 4755 assets, SYBT comes in at #745 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 21.7 percentage points (+20.6% for SPY against -1.1% for SYBT). One caveat on sizing: SYBT is 2.1 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 SYBT: side by side
| SPY (SPDR S&P 500 ETF Trust) | SYBT (Stock Yards Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -1.1% |
| 5-year return | +82.4% | +73.4% |
| Volatility (ann.) | 14.5% | 29.9% |
| Beta vs S&P 500 | 1.00 | 0.94 |
| Max drawdown (3Y) | -18.8% | -24.2% |
| Market cap | – | $2.5B |
| P/E (trailing) | – | 16.0 |
| Dividend yield | 1.01% | 1.60% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SYBT |
|---|---|---|
| 2022 | -18.2% | +3.6% |
| 2023 | +26.2% | -18.8% |
| 2024 | +24.9% | +42.2% |
| 2025 | +17.7% | -7.7% |
| 2026 | +13.7% | +23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SYBT good diversifiers for each other?
Reasonably. At 0.45, SPY and SYBT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SYBT?
As of 2026-08-27, the correlation of weekly returns between SPY and SYBT is 0.45 over 3 years, 0.18 over 1 year and 0.44 over 5 years.
Is SYBT a good diversifier for SPY?
Reasonably. At 0.45, SPY and SYBT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-sybt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-sybt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SYBT correlations
