BMY vs SPY: Correlation
How closely do Bristol Myers Squibb (BMY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMY and SPY?
On 3 years of weekly data the BMY/SPY correlation comes out at 0.10, weak. The relationship has been stable: the 1-year correlation (0.03) sits close to the 3-year figure. The 5-year figure is 0.16, and annualized covariance runs at 41.6 %².
Within BMY's tracked universe of 31 assets, SPY comes in at #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BMY ahead by 26.7 points (+47.3% versus +20.6%). The rolling one-year correlation moved between -0.07 and 0.40 over the past three years, a moderate range. Note the risk asymmetry: BMY runs 1.9 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.
BMY vs SPY: side by side
| BMY (Bristol Myers Squibb) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.3% | +20.6% |
| 5-year return | +22.3% | +82.4% |
| Volatility (ann.) | 27.8% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -34.1% | -18.8% |
| Market cap | $136.8B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 3.71% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | BMY | SPY |
|---|---|---|
| 2022 | +19.0% | -18.2% |
| 2023 | -26.1% | +26.2% |
| 2024 | +15.8% | +24.9% |
| 2025 | +0.1% | +17.7% |
| 2026 | +28.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.21% of SPY is BMY itself, so the fund partly moves with the stock by construction.
Are BMY and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, BMY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMY and SPY?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.03 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for BMY?
Yes. With a correlation of 0.10, BMY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BMY correlations · SPY correlations
