BIRK vs SPY: Correlation
Measured on weekly returns over the past three years, Birkenstock Holding plc (BIRK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIRK and SPY?
Across a 3-year window, the weekly returns of BIRK and SPY correlate at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 245.6 %².
SPY is close to the least connected end of BIRK's tracked universe, ranking #11 of 15. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 52.9 percentage points (-32.3% for BIRK against +20.6% for SPY). Note the risk asymmetry: BIRK runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BIRK vs SPY: side by side
| BIRK (Birkenstock Holding plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 45.5% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -50.9% | -18.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 17.0 | – |
| 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 | BIRK | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +16.3% | +24.9% |
| 2025 | -27.8% | +17.7% |
| 2026 | -13.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIRK and SPY good diversifiers for each other?
Reasonably. At 0.37, BIRK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BIRK and SPY?
The BIRK/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.34, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BIRK?
Reasonably. At 0.37, BIRK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: BIRK correlations · SPY correlations
