BJ vs SPY: Correlation
How closely do BJ's Wholesale Club Holdings, Inc. (BJ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BJ and SPY?
Over the past 3 years, BJ and SPY moved with a correlation of -0.08, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.34) than the 3-year average (-0.08). Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is -29.0 %².
By 3-year correlation, SPY places #7 of the 43 assets tracked against BJ. Correlation aside, the last 12 months split them widely, with SPY ahead by 27.5 points (-6.9% versus +20.6%). Note the risk asymmetry: BJ runs 1.8 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.
BJ vs SPY: side by side
| BJ (BJ's Wholesale Club Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.9% | +20.6% |
| 5-year return | +59.5% | +82.4% |
| Volatility (ann.) | 26.4% | 14.5% |
| Beta vs S&P 500 | -0.14 | 1.00 |
| Max drawdown (3Y) | -30.1% | -18.8% |
| Market cap | $11.4B | – |
| P/E (trailing) | 20.4 | – |
| 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 | BJ | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | +0.8% | +26.2% |
| 2024 | +34.0% | +24.9% |
| 2025 | +0.8% | +17.7% |
| 2026 | +0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BJ and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between BJ and SPY?
Using weekly returns as of 2026-08-27: -0.08 over 3 years, with -0.34 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for BJ?
By historical standards, yes. A correlation of -0.08 means the two rarely move for the same reasons.
What does a correlation of -0.08 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BJ correlations · SPY correlations
