BBAI vs SPY: Correlation
Measured on weekly returns over the past three years, BigBear.ai, Inc. (BBAI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBAI and SPY?
On 3 years of weekly data the BBAI/SPY correlation comes out at 0.38, moderate. The past 12 months show a tighter link (0.57) than the 3-year average (0.38). The 5-year figure is 0.19, and annualized covariance runs at 690.1 %².
SPY is close to the least connected end of BBAI's tracked universe, ranking #9 of 12. The last year tells two different stories: SPY led by 58.4 percentage points, -37.8% for BBAI against +20.6% for SPY. Risk is not evenly split, since BBAI carries 8.7 times the volatility of the other side.
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.
BBAI vs SPY: side by side
| BBAI (BigBear.ai, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -37.8% | +20.6% |
| 5-year return | -67.6% | +82.4% |
| Volatility (ann.) | 126.2% | 14.5% |
| Beta vs S&P 500 | 3.30 | 1.00 |
| Max drawdown (3Y) | -75.6% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | BBAI | SPY |
|---|---|---|
| 2022 | -88.1% | -18.2% |
| 2023 | +217.5% | +26.2% |
| 2024 | +107.9% | +24.9% |
| 2025 | +21.3% | +17.7% |
| 2026 | -40.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBAI and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BBAI and SPY?
As of 2026-08-27, the correlation of weekly returns between BBAI and SPY is 0.38 over 3 years, 0.57 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for BBAI?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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: BBAI correlations · SPY correlations
