BLDR vs SPY: Correlation
Builders FirstSource (BLDR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDR and SPY?
Across a 3-year window, the weekly returns of BLDR and SPY correlate at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 285.0 %².
By 3-year correlation, SPY places #35 of the 48 assets tracked against BLDR. Correlation aside, the last 12 months split them widely, with SPY ahead by 73.2 points (-52.6% versus +20.6%). The rolling one-year correlation moved between 0.31 and 0.64 over the past three years, a moderate range. One caveat on sizing: BLDR is 3.1 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.
BLDR vs SPY: side by side
| BLDR (Builders FirstSource) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -52.6% | +20.6% |
| 5-year return | +25.8% | +82.4% |
| Volatility (ann.) | 45.6% | 14.5% |
| Beta vs S&P 500 | 1.36 | 1.00 |
| Max drawdown (3Y) | -68.7% | -18.8% |
| Market cap | $7.2B | – |
| P/E (trailing) | 74.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | BLDR | SPY |
|---|---|---|
| 2022 | -24.3% | -18.2% |
| 2023 | +157.3% | +26.2% |
| 2024 | -14.4% | +24.9% |
| 2025 | -28.0% | +17.7% |
| 2026 | -34.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDR and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BLDR and SPY?
As of 2026-08-27, the correlation of weekly returns between BLDR and SPY is 0.43 over 3 years, 0.33 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for BLDR?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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: BLDR correlations · SPY correlations
