BAM vs SPY: Correlation
Brookfield Asset Management Inc Class A Limited Voting (BAM) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAM and SPY?
Across a 3-year window, the weekly returns of BAM and SPY correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 282.6 %².
Within BAM's tracked universe of 19 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 31.2 points (-10.6% versus +20.6%). Note the risk asymmetry: BAM 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.
BAM vs SPY: side by side
| BAM (Brookfield Asset Management Inc Class A Limited Voting) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 1.35 | 1.00 |
| Max drawdown (3Y) | -30.4% | -18.8% |
| Market cap | $83.2B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 3.61% | 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 | BAM | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +45.6% | +26.2% |
| 2024 | +39.7% | +24.9% |
| 2025 | -0.2% | +17.7% |
| 2026 | +1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAM and SPY good diversifiers for each other?
To a limited degree. At 0.69 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 BAM and SPY?
The BAM/SPY correlation stands at 0.69 on a 3-year window (1 year: 0.60, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BAM?
To a limited degree. At 0.69 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 0.69 mean?
A reading of 0.69 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: BAM correlations · SPY correlations
