BALL vs SPY: Correlation
Measured on weekly returns over the past three years, Ball Corporation (BALL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BALL and SPY?
Over the past 3 years, BALL and SPY moved with a correlation of 0.23, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.23 over 3 years. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 90.1 %².
Among the 41 assets we track against BALL, SPY ranks #30 by 3-year correlation. Their 12-month results are close: +22.9% for BALL against +20.6% for SPY. This link changes with the market regime, having swung between 0.03 and 0.62 on a rolling one-year basis. Note the risk asymmetry: BALL runs 1.9 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.
BALL vs SPY: side by side
| BALL (Ball Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.9% | +20.6% |
| 5-year return | -29.3% | +82.4% |
| Volatility (ann.) | 26.9% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -35.6% | -18.8% |
| Market cap | $16.8B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 1.25% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | BALL | SPY |
|---|---|---|
| 2022 | -46.2% | -18.2% |
| 2023 | +14.1% | +26.2% |
| 2024 | -3.0% | +24.9% |
| 2025 | -2.4% | +17.7% |
| 2026 | +20.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BALL and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BALL and SPY?
The BALL/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.01, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BALL?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 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.
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Hubs: BALL correlations · SPY correlations
