BIO vs SPY: Correlation
Measured on weekly returns over the past three years, Bio-Rad Laboratories, Inc. (BIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIO and SPY?
On 3 years of weekly data the BIO/SPY correlation comes out at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 178.6 %².
SPY is close to the least connected end of BIO's tracked universe, ranking #9 of 13. Over the last 12 months BIO came out ahead by 12.6 percentage points (+33.2% against +20.6%). Risk is not evenly split, since BIO carries 2.6 times the volatility of the other side.
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.
BIO vs SPY: side by side
| BIO (Bio-Rad Laboratories, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.2% | +20.6% |
| 5-year return | -52.1% | +82.4% |
| Volatility (ann.) | 38.4% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -45.9% | -18.8% |
| Market cap | $10.4B | – |
| P/E (trailing) | 47.4 | – |
| 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 | BIO | SPY |
|---|---|---|
| 2022 | -44.3% | -18.2% |
| 2023 | -23.2% | +26.2% |
| 2024 | +1.7% | +24.9% |
| 2025 | -7.8% | +17.7% |
| 2026 | +28.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BIO and SPY?
As of 2026-08-27, the correlation of weekly returns between BIO and SPY is 0.32 over 3 years, 0.33 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for BIO?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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: BIO correlations · SPY correlations
