SPY vs VBNK: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and VersaBank (VBNK) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VBNK?
Across a 3-year window, the weekly returns of SPY and VBNK correlate at 0.29, weak. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 167.3 %².
By 3-year correlation, VBNK places #2368 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months VBNK outperformed by 62.5 percentage points (+20.6% for SPY against +83.1% for VBNK). One caveat on sizing: VBNK is 2.8 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 VBNK: side by side
| SPY (SPDR S&P 500 ETF Trust) | VBNK (VersaBank) | |
|---|---|---|
| 1-year return | +20.6% | +83.1% |
| 5-year return | +82.4% | +102.0% |
| Volatility (ann.) | 14.5% | 40.6% |
| Beta vs S&P 500 | 1.00 | 0.80 |
| Max drawdown (3Y) | -18.8% | -50.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 30.1 |
| Dividend yield | 1.01% | 0.50% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | SPY | VBNK |
|---|---|---|
| 2022 | -18.2% | -36.2% |
| 2023 | +26.2% | +47.0% |
| 2024 | +24.9% | +27.3% |
| 2025 | +17.7% | +8.8% |
| 2026 | +13.7% | +37.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VBNK good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and VBNK?
The SPY/VBNK correlation stands at 0.29 on a 3-year window (1 year: 0.26, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is VBNK a good diversifier for SPY?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vbnk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vbnk/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VBNK correlations
