BAH vs SPY: Correlation
Booz Allen Hamilton Holding Corporation (BAH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAH and SPY?
Across a 3-year window, the weekly returns of BAH and SPY correlate at 0.24, weak. Little has changed lately, as the 1-year reading of 0.18 lands near the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 122.1 %².
Within BAH's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 51.0 percentage points, -30.4% for BAH against +20.6% for SPY. One caveat on sizing: BAH is 2.4 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.
BAH vs SPY: side by side
| BAH (Booz Allen Hamilton Holding Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.4% | +20.6% |
| 5-year return | +1.1% | +82.4% |
| Volatility (ann.) | 35.2% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -66.6% | -18.8% |
| Market cap | $9.0B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 3.07% | 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 | BAH | SPY |
|---|---|---|
| 2022 | +25.7% | -18.2% |
| 2023 | +24.5% | +26.2% |
| 2024 | +2.0% | +24.9% |
| 2025 | -33.0% | +17.7% |
| 2026 | -9.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BAH and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.18 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for BAH?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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.
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Related comparisons
Hubs: BAH correlations · SPY correlations
