B vs SPY: Correlation
Measured on weekly returns over the past three years, Barrick Mining Corporation (B) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are B and SPY?
Over the past 3 years, B and SPY moved with a correlation of 0.31, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.31 over 3 years. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 182.7 %².
Out of 17 assets tracked against B, SPY lands near the bottom at #13. The last year tells two different stories: B led by 62.5 percentage points, +83.1% for B against +20.6% for SPY. Note the risk asymmetry: B runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
B vs SPY: side by side
| B (Barrick Mining Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +83.1% | +20.6% |
| 5-year return | +171.9% | +82.4% |
| Volatility (ann.) | 40.7% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $77.9B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 1.38% | 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 | B | SPY |
|---|---|---|
| 2022 | -6.2% | -18.2% |
| 2023 | +7.9% | +26.2% |
| 2024 | -12.3% | +24.9% |
| 2025 | +186.9% | +17.7% |
| 2026 | +10.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are B and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between B and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.43 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for B?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 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: B correlations · SPY correlations
