BKR vs SPY: Correlation
Baker Hughes (BKR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and SPY?
Across a 3-year window, the weekly returns of BKR and SPY correlate at 0.27, weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.27). Stretching to 5 years gives 0.29, with an annualized covariance of 128.0 %².
By 3-year correlation, SPY places #19 of the 30 assets tracked against BKR. The last year tells two different stories: BKR led by 20.3 percentage points, +40.9% for BKR against +20.6% for SPY. This link changes with the market regime, having swung between 0.02 and 0.60 on a rolling one-year basis. One caveat on sizing: BKR is 2.2 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.
BKR vs SPY: side by side
| BKR (Baker Hughes) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.9% | +20.6% |
| 5-year return | +205.5% | +82.4% |
| Volatility (ann.) | 32.2% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -28.0% | -18.8% |
| Market cap | $61.7B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 1.48% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | BKR | SPY |
|---|---|---|
| 2022 | +26.0% | -18.2% |
| 2023 | +18.6% | +26.2% |
| 2024 | +23.1% | +24.9% |
| 2025 | +13.4% | +17.7% |
| 2026 | +37.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BKR represents 0.09% of SPY's portfolio, so part of any move in SPY is BKR itself, and the correlation between them is partly mechanical.
Are BKR and SPY good diversifiers for each other?
Reasonably. At 0.27, BKR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BKR and SPY?
The BKR/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.04, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BKR?
Reasonably. At 0.27, BKR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: BKR correlations · SPY correlations
