BDX vs SPY: Correlation
Becton Dickinson (BDX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDX and SPY?
Over the past 3 years, BDX and SPY moved with a correlation of 0.20, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.20 over 3 years. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 69.1 %².
Among the 28 assets we track against BDX, SPY ranks #17 by 3-year correlation. Twelve-month performance is nearly a tie, at +25.5% for BDX 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 0.08 to 0.62. Risk is not evenly split, since BDX carries 1.7 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.
BDX vs SPY: side by side
| BDX (Becton Dickinson) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.5% | +20.6% |
| 5-year return | +6.8% | +82.4% |
| Volatility (ann.) | 24.0% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -39.6% | -18.8% |
| Market cap | $51.2B | – |
| P/E (trailing) | 32.9 | – |
| Dividend yield | 2.20% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | BDX | SPY |
|---|---|---|
| 2022 | +5.1% | -18.2% |
| 2023 | -2.7% | +26.2% |
| 2024 | -5.4% | +24.9% |
| 2025 | -12.6% | +17.7% |
| 2026 | +25.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.08% of SPY is BDX itself, so the fund partly moves with the stock by construction.
Are BDX and SPY good diversifiers for each other?
Reasonably. At 0.20, BDX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BDX and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.08 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for BDX?
Reasonably. At 0.20, BDX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 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: BDX correlations · SPY correlations
