BGI vs SPY: Correlation
How closely do Birks Group Inc. (BGI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGI and SPY?
Over the past 3 years, BGI and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. Over 5 years the correlation is 0.05, and the annualized covariance of weekly returns is 79.9 %².
Out of 10 assets tracked against BGI, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 72.0 points (-51.4% versus +20.6%). One caveat on sizing: BGI is 4.4 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.
BGI vs SPY: side by side
| BGI (Birks Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -51.4% | +20.6% |
| 5-year return | -88.1% | +82.4% |
| Volatility (ann.) | 64.1% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -93.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | BGI | SPY |
|---|---|---|
| 2022 | +63.5% | -18.2% |
| 2023 | -40.9% | +26.2% |
| 2024 | -65.7% | +24.9% |
| 2025 | -44.1% | +17.7% |
| 2026 | -61.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGI and SPY good diversifiers for each other?
Yes. With a correlation of 0.09, BGI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BGI and SPY?
The BGI/SPY correlation stands at 0.09 on a 3-year window (1 year: 0.11, 5 years: 0.05), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BGI?
Yes. With a correlation of 0.09, BGI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
A reading of 0.09 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bgi-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bgi-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGI correlations · SPY correlations
