BIPC vs SPY: Correlation
Brookfield Infrastructure Corporation (BIPC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIPC and SPY?
On 3 years of weekly data the BIPC/SPY correlation comes out at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.23 versus 0.45 over 3 years. The 5-year figure is 0.42, and annualized covariance runs at 198.5 %².
Out of 12 assets tracked against BIPC, SPY lands near the bottom at #8. The last year tells two different stories: SPY led by 19.4 percentage points, +1.2% for BIPC against +20.6% for SPY. One caveat on sizing: BIPC 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.
BIPC vs SPY: side by side
| BIPC (Brookfield Infrastructure Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.2% | +20.6% |
| 5-year return | +13.3% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -33.7% | -18.8% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.47% | 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 | BIPC | SPY |
|---|---|---|
| 2022 | -11.9% | -18.2% |
| 2023 | -5.7% | +26.2% |
| 2024 | +18.4% | +24.9% |
| 2025 | +18.3% | +17.7% |
| 2026 | -11.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIPC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BIPC and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.23 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for BIPC?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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: BIPC correlations · SPY correlations
