BF.B vs SPY: Correlation
Measured on weekly returns over the past three years, Brown–Forman (BF.B) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BF.B and SPY?
Over the past 3 years, BF.B and SPY moved with a correlation of 0.22, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.02 versus 0.22 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 107.5 %².
Among the 36 assets we track against BF.B, SPY ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.0 percentage points (-7.4% for BF.B against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.02 and 0.74 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: BF.B runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BF.B vs SPY: side by side
| BF.B (Brown–Forman) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.4% | +20.6% |
| 5-year return | -56.8% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -64.8% | -18.8% |
| Market cap | $12.5B | – |
| P/E (trailing) | 18.3 | – |
| Dividend yield | 3.26% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | BF.B | SPY |
|---|---|---|
| 2022 | -8.9% | -18.2% |
| 2023 | -11.9% | +26.2% |
| 2024 | -32.2% | +24.9% |
| 2025 | -29.3% | +17.7% |
| 2026 | +6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BF.B and SPY good diversifiers for each other?
Reasonably. At 0.22, BF.B and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BF.B and SPY?
The BF.B/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.02, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BF.B?
Reasonably. At 0.22, BF.B and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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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Hubs: BF.B correlations · SPY correlations
