BLMN vs SPY: Correlation
Bloomin' Brands, Inc. (BLMN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLMN and SPY?
On 3 years of weekly data the BLMN/SPY correlation comes out at 0.29, weak. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.29 over 3 years. The 5-year figure is 0.38, and annualized covariance runs at 256.9 %².
Among the 20 assets we track against BLMN, SPY sits near the bottom by co-movement, at rank #16. The last year tells two different stories: BLMN led by 23.2 percentage points, +43.8% for BLMN against +20.6% for SPY. Note the risk asymmetry: BLMN runs 4.2 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.
BLMN vs SPY: side by side
| BLMN (Bloomin' Brands, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.8% | +20.6% |
| 5-year return | -53.9% | +82.4% |
| Volatility (ann.) | 61.1% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -80.5% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 32.6 | – |
| Dividend yield | 1.35% | 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 | BLMN | SPY |
|---|---|---|
| 2022 | -1.7% | -18.2% |
| 2023 | +45.5% | +26.2% |
| 2024 | -54.4% | +24.9% |
| 2025 | -46.6% | +17.7% |
| 2026 | +69.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLMN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLMN and SPY?
The BLMN/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.43, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BLMN?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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/blmn-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/blmn-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLMN correlations · SPY correlations
