BEPC vs SPY: Correlation
Brookfield Renewable Corporation Brookfield Renewable (BEPC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BEPC and SPY?
On 3 years of weekly data the BEPC/SPY correlation comes out at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.33 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 166.8 %².
SPY is close to the least connected end of BEPC's tracked universe, ranking #7 of 11. The last year tells two different stories: SPY led by 20.2 percentage points, +0.4% for BEPC against +20.6% for SPY. One caveat on sizing: BEPC is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BEPC vs SPY: side by side
| BEPC (Brookfield Renewable Corporation Brookfield Renewable) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.4% | +20.6% |
| 5-year return | -8.5% | +82.4% |
| Volatility (ann.) | 34.5% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -28.6% | -18.8% |
| Market cap | $6.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.33% | 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 | BEPC | SPY |
|---|---|---|
| 2022 | -22.5% | -18.2% |
| 2023 | +9.5% | +26.2% |
| 2024 | +1.0% | +24.9% |
| 2025 | +45.2% | +17.7% |
| 2026 | -12.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BEPC and SPY good diversifiers for each other?
Reasonably. At 0.33, BEPC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BEPC and SPY?
The BEPC/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.18, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BEPC?
Reasonably. At 0.33, BEPC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bepc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bepc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BEPC correlations · SPY correlations
