BLBD vs SPY: Correlation
Measured on weekly returns over the past three years, Blue Bird Corporation (BLBD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLBD and SPY?
On 3 years of weekly data the BLBD/SPY correlation comes out at 0.28, weak. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.28). The 5-year figure is 0.31, and annualized covariance runs at 198.1 %².
Out of 12 assets tracked against BLBD, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.6 points (+3.0% versus +20.6%). Note the risk asymmetry: BLBD runs 3.4 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.
BLBD vs SPY: side by side
| BLBD (Blue Bird Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.0% | +20.6% |
| 5-year return | +182.6% | +82.4% |
| Volatility (ann.) | 49.8% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -45.9% | -18.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 7.2 | – |
| 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 | BLBD | SPY |
|---|---|---|
| 2022 | -31.5% | -18.2% |
| 2023 | +151.7% | +26.2% |
| 2024 | +43.3% | +24.9% |
| 2025 | +21.7% | +17.7% |
| 2026 | +27.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLBD and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BLBD and SPY?
As of 2026-08-27, the correlation of weekly returns between BLBD and SPY is 0.28 over 3 years, 0.02 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for BLBD?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/blbd-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/blbd-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLBD correlations · SPY correlations
