BKNG vs SPY: Correlation
Measured on weekly returns over the past three years, Booking Holdings (BKNG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKNG and SPY?
On 3 years of weekly data the BKNG/SPY correlation comes out at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.55). The 5-year figure is 0.60, and annualized covariance runs at 232.1 %².
Among the 39 assets we track against BKNG, SPY ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 29.7 points (-9.1% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.36 to 0.75. Note the risk asymmetry: BKNG runs 2.0 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.
BKNG vs SPY: side by side
| BKNG (Booking Holdings) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.1% | +20.6% |
| 5-year return | +127.1% | +82.4% |
| Volatility (ann.) | 29.1% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $152.2B | – |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 0.77% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | BKNG | SPY |
|---|---|---|
| 2022 | -16.0% | -18.2% |
| 2023 | +76.0% | +26.2% |
| 2024 | +41.3% | +24.9% |
| 2025 | +8.6% | +17.7% |
| 2026 | -5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds BKNG at a 0.24% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BKNG and SPY good diversifiers for each other?
Only partially. A correlation of 0.55 means BKNG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BKNG and SPY?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.39 over the last year and 0.60 over 5 years.
Is SPY a good diversifier for BKNG?
Only partially. A correlation of 0.55 means BKNG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bkng-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bkng-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BKNG correlations · SPY correlations
