BG vs SPY: Correlation
How closely do Bunge Global (BG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BG and SPY?
Over the past 3 years, BG and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.09) runs below the 3-year figure (0.04). Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 19.0 %².
By 3-year correlation, SPY places #22 of the 37 assets tracked against BG. The trailing year gives BG the advantage: +35.2% versus +20.6%, a 14.6-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.15 and 0.44 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: BG is 2.1 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.
BG vs SPY: side by side
| BG (Bunge Global) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.2% | +20.6% |
| 5-year return | +68.5% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -38.8% | -18.8% |
| Market cap | $21.4B | – |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 2.51% | 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 | BG | SPY |
|---|---|---|
| 2022 | +9.3% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | -20.7% | +24.9% |
| 2025 | +18.6% | +17.7% |
| 2026 | +27.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BG and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BG and SPY?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with -0.09 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for BG?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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.
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Hubs: BG correlations · SPY correlations
