SPY vs USB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and U.S. Bancorp (USB) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USB?
Over the past 3 years, SPY and USB moved with a correlation of 0.58, which is moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.58). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 228.7 %².
Within SPY's tracked universe of 4755 assets, USB comes in at #215 by 3-year correlation. Over the last 12 months USB came out ahead by 12.5 percentage points (+20.6% against +33.1%). The rolling one-year correlation moved between 0.33 and 0.82 over the past three years, a moderate range. Risk is not evenly split, since USB carries 1.9 times the volatility of the other side.
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 USB: side by side
| SPY (SPDR S&P 500 ETF Trust) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +20.6% | +33.1% |
| 5-year return | +82.4% | +36.0% |
| Volatility (ann.) | 14.5% | 27.3% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -30.6% |
| Market cap | – | $97.2B |
| P/E (trailing) | – | 12.5 |
| Dividend yield | 1.01% | 3.31% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | USB |
|---|---|---|
| 2022 | -18.2% | -19.1% |
| 2023 | +26.2% | +4.8% |
| 2024 | +24.9% | +15.6% |
| 2025 | +17.7% | +16.5% |
| 2026 | +13.7% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.15% of SPY is USB itself, so the fund partly moves with the stock by construction.
Are SPY and USB good diversifiers for each other?
Only partially. A correlation of 0.58 means SPY and USB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and USB?
As of 2026-08-27, the correlation of weekly returns between SPY and USB is 0.58 over 3 years, 0.35 over 1 year and 0.56 over 5 years.
Is USB a good diversifier for SPY?
Only partially. A correlation of 0.58 means SPY and USB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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/spy-vs-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · USB correlations
