BBY vs SPY: Correlation
Measured on weekly returns over the past three years, Best Buy (BBY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBY and SPY?
On 3 years of weekly data the BBY/SPY correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.37). The 5-year figure is 0.49, and annualized covariance runs at 203.6 %².
Among the 33 assets we track against BBY, SPY ranks #22 by 3-year correlation. Twelve-month performance is nearly a tie, at +16.9% for BBY and +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.10 to 0.68. Note the risk asymmetry: BBY runs 2.6 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.
BBY vs SPY: side by side
| BBY (Best Buy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.9% | +20.6% |
| 5-year return | -11.2% | +82.4% |
| Volatility (ann.) | 37.6% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -44.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | BBY | SPY |
|---|---|---|
| 2022 | -17.5% | -18.2% |
| 2023 | +2.5% | +26.2% |
| 2024 | +14.4% | +24.9% |
| 2025 | -17.8% | +17.7% |
| 2026 | +28.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBY and SPY good diversifiers for each other?
Reasonably. At 0.37, BBY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BBY and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.21 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for BBY?
Reasonably. At 0.37, BBY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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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Related comparisons
Hubs: BBY correlations · SPY correlations
