BBWI vs SPY: Correlation
Measured on weekly returns over the past three years, Bath & Body Works, Inc. (BBWI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBWI and SPY?
Over the past 3 years, BBWI and SPY moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 285.8 %².
Among the 14 assets we track against BBWI, SPY ranks #9 by 3-year correlation. The last year tells two different stories: SPY led by 58.9 percentage points, -38.3% for BBWI against +20.6% for SPY. Note the risk asymmetry: BBWI runs 3.5 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.
BBWI vs SPY: side by side
| BBWI (Bath & Body Works, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -38.3% | +20.6% |
| 5-year return | -69.3% | +82.4% |
| Volatility (ann.) | 50.5% | 14.5% |
| Beta vs S&P 500 | 1.37 | 1.00 |
| Max drawdown (3Y) | -70.0% | -18.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | 5.0 | – |
| Dividend yield | 2.12% | 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 | BBWI | SPY |
|---|---|---|
| 2022 | -38.4% | -18.2% |
| 2023 | +4.7% | +26.2% |
| 2024 | -8.3% | +24.9% |
| 2025 | -46.5% | +17.7% |
| 2026 | -4.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBWI and SPY good diversifiers for each other?
Reasonably. At 0.39, BBWI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BBWI and SPY?
As of 2026-08-27, the correlation of weekly returns between BBWI and SPY is 0.39 over 3 years, 0.39 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for BBWI?
Reasonably. At 0.39, BBWI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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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Hubs: BBWI correlations · SPY correlations
