BCO vs SPY: Correlation
Measured on weekly returns over the past three years, Brinks Company (The) (BCO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCO and SPY?
Across a 3-year window, the weekly returns of BCO and SPY correlate at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.40 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 176.7 %².
SPY is close to the least connected end of BCO's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.4 percentage points (-1.8% for BCO against +20.6% for SPY). Risk is not evenly split, since BCO carries 2.1 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.
BCO vs SPY: side by side
| BCO (Brinks Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.8% | +20.6% |
| 5-year return | +48.9% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -31.9% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 0.91% | 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 | BCO | SPY |
|---|---|---|
| 2022 | -17.0% | -18.2% |
| 2023 | +65.9% | +26.2% |
| 2024 | +6.5% | +24.9% |
| 2025 | +27.2% | +17.7% |
| 2026 | -5.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BCO and SPY?
The BCO/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.26, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BCO?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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: BCO correlations · SPY correlations
