BA vs SPY: Correlation
Boeing (BA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and SPY?
Across a 3-year window, the weekly returns of BA and SPY correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 299.1 %².
By 3-year correlation, SPY places #10 of the 37 assets tracked against BA. The last year tells two different stories: SPY led by 31.5 percentage points, -10.9% for BA against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.26 to 0.71. Note the risk asymmetry: BA runs 2.5 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.
BA vs SPY: side by side
| BA (Boeing) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.9% | +20.6% |
| 5-year return | -3.6% | +82.4% |
| Volatility (ann.) | 36.4% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -48.3% | -18.8% |
| Market cap | $165.9B | – |
| P/E (trailing) | 76.3 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | BA | SPY |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | +36.8% | +26.2% |
| 2024 | -32.1% | +24.9% |
| 2025 | +22.7% | +17.7% |
| 2026 | -3.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds BA at a 0.25% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BA and SPY good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BA and SPY?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.53 over the last year and 0.54 over 5 years.
Is SPY a good diversifier for BA?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
A reading of 0.57 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: BA correlations · SPY correlations
