BJRI vs SPY: Correlation
BJ's Restaurants, Inc. (BJRI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BJRI and SPY?
On 3 years of weekly data the BJRI/SPY correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 250.8 %².
Among the 16 assets we track against BJRI, SPY ranks #10 by 3-year correlation. The last year tells two different stories: BJRI led by 65.5 percentage points, +86.1% for BJRI against +20.6% for SPY. Risk is not evenly split, since BJRI carries 2.9 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.
BJRI vs SPY: side by side
| BJRI (BJ's Restaurants, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +86.1% | +20.6% |
| 5-year return | +50.0% | +82.4% |
| Volatility (ann.) | 41.5% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -38.7% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 33.7 | – |
| 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 | BJRI | SPY |
|---|---|---|
| 2022 | -23.6% | -18.2% |
| 2023 | +36.5% | +26.2% |
| 2024 | -2.4% | +24.9% |
| 2025 | +12.1% | +17.7% |
| 2026 | +61.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BJRI and SPY good diversifiers for each other?
Reasonably. At 0.42, BJRI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BJRI and SPY?
As of 2026-08-27, the correlation of weekly returns between BJRI and SPY is 0.42 over 3 years, 0.32 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for BJRI?
Reasonably. At 0.42, BJRI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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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Related comparisons
Hubs: BJRI correlations · SPY correlations
