BBW vs SPY: Correlation
How closely do Build-A-Bear Workshop, Inc. (BBW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBW and SPY?
On 3 years of weekly data the BBW/SPY correlation comes out at 0.27, weak. The past 12 months show a tighter link (0.39) than the 3-year average (0.27). The 5-year figure is 0.29, and annualized covariance runs at 185.4 %².
Within BBW's tracked universe of 16 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 71.0 points (-50.4% versus +20.6%). Note the risk asymmetry: BBW runs 3.3 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.
BBW vs SPY: side by side
| BBW (Build-A-Bear Workshop, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -50.4% | +20.6% |
| 5-year return | +86.4% | +82.4% |
| Volatility (ann.) | 48.4% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -61.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 9.1 | – |
| 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 | BBW | SPY |
|---|---|---|
| 2022 | +22.1% | -18.2% |
| 2023 | +2.8% | +26.2% |
| 2024 | +105.6% | +24.9% |
| 2025 | +35.4% | +17.7% |
| 2026 | -53.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBW and SPY good diversifiers for each other?
Reasonably. At 0.27, BBW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BBW and SPY?
The BBW/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.39, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BBW?
Reasonably. At 0.27, BBW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: BBW correlations · SPY correlations
