BDN vs SPY: Correlation
How closely do Brandywine Realty Trust (BDN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDN and SPY?
On 3 years of weekly data the BDN/SPY correlation comes out at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 210.5 %².
Out of 13 assets tracked against BDN, SPY lands near the bottom at #9. The last year tells two different stories: SPY led by 38.9 percentage points, -18.3% for BDN against +20.6% for SPY. Risk is not evenly split, since BDN carries 2.8 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.
BDN vs SPY: side by side
| BDN (Brandywine Realty Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.3% | +20.6% |
| 5-year return | -61.3% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -56.3% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 9.94% | 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 | BDN | SPY |
|---|---|---|
| 2022 | -50.7% | -18.2% |
| 2023 | +1.7% | +26.2% |
| 2024 | +17.1% | +24.9% |
| 2025 | -41.3% | +17.7% |
| 2026 | +15.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BDN and SPY?
The BDN/SPY correlation stands at 0.36 on a 3-year window (1 year: 0.37, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BDN?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BDN correlations · SPY correlations
