BE vs SPY: Correlation
Bloom Energy Corporation (BE) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BE and SPY?
Across a 3-year window, the weekly returns of BE and SPY correlate at 0.39, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.56 versus 0.39 over 3 years. Stretching to 5 years gives 0.41, with an annualized covariance of 534.9 %².
Within BE's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BE ahead by 307.8 points (+328.4% versus +20.6%). Risk is not evenly split, since BE carries 6.5 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.
BE vs SPY: side by side
| BE (Bloom Energy Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +328.4% | +20.6% |
| 5-year return | +914.6% | +82.4% |
| Volatility (ann.) | 94.3% | 14.5% |
| Beta vs S&P 500 | 2.56 | 1.00 |
| Max drawdown (3Y) | -52.7% | -18.8% |
| Market cap | $64.2B | – |
| P/E (trailing) | 286.6 | – |
| Dividend yield | 0.00% | 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 | BE | SPY |
|---|---|---|
| 2022 | -12.8% | -18.2% |
| 2023 | -22.6% | +26.2% |
| 2024 | +50.1% | +24.9% |
| 2025 | +291.2% | +17.7% |
| 2026 | +150.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BE and SPY good diversifiers for each other?
Reasonably. At 0.39, BE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BE and SPY?
The BE/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.56, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BE?
Reasonably. At 0.39, BE 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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Related comparisons
Hubs: BE correlations · SPY correlations
