BBUC vs SPY: Correlation
Measured on weekly returns over the past three years, Brookfield Business Corporation Class A Subordinate Voting (BBUC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBUC and SPY?
Across a 3-year window, the weekly returns of BBUC and SPY correlate at 0.50, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.50). Stretching to 5 years gives 0.52, with an annualized covariance of 303.0 %².
Within BBUC's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 39.9 percentage points (-19.3% for BBUC against +20.6% for SPY). Note the risk asymmetry: BBUC runs 2.9 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.
BBUC vs SPY: side by side
| BBUC (Brookfield Business Corporation Class A Subordinate Voting) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.3% | +20.6% |
| 5-year return | -20.8% | +82.4% |
| Volatility (ann.) | 41.8% | 14.5% |
| Beta vs S&P 500 | 1.45 | 1.00 |
| Max drawdown (3Y) | -29.3% | -18.8% |
| Market cap | $5.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.89% | 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 | BBUC | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +25.6% | +26.2% |
| 2024 | +5.4% | +24.9% |
| 2025 | +48.8% | +17.7% |
| 2026 | -21.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBUC and SPY good diversifiers for each other?
Only partially. A correlation of 0.50 means BBUC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BBUC and SPY?
The BBUC/SPY correlation stands at 0.50 on a 3-year window (1 year: 0.31, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BBUC?
Only partially. A correlation of 0.50 means BBUC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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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Hubs: BBUC correlations · SPY correlations
