BFH vs SPY: Correlation
How closely do Bread Financial Holdings, Inc. (BFH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFH and SPY?
Across a 3-year window, the weekly returns of BFH and SPY correlate at 0.43, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.43 over 3 years. Stretching to 5 years gives 0.48, with an annualized covariance of 262.9 %².
Among the 11 assets we track against BFH, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months BFH outperformed by 46.2 percentage points (+66.8% for BFH against +20.6% for SPY). One caveat on sizing: BFH is 2.9 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.
BFH vs SPY: side by side
| BFH (Bread Financial Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +66.8% | +20.6% |
| 5-year return | +55.9% | +82.4% |
| Volatility (ann.) | 42.0% | 14.5% |
| Beta vs S&P 500 | 1.26 | 1.00 |
| Max drawdown (3Y) | -36.7% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 0.84% | 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 | BFH | SPY |
|---|---|---|
| 2022 | -42.4% | -18.2% |
| 2023 | -10.2% | +26.2% |
| 2024 | +89.0% | +24.9% |
| 2025 | +23.1% | +17.7% |
| 2026 | +46.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFH and SPY good diversifiers for each other?
Reasonably. At 0.43, BFH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BFH and SPY?
The BFH/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.29, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BFH?
Reasonably. At 0.43, BFH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: BFH correlations · SPY correlations
