BNED vs SPY: Correlation
How closely do Barnes & Noble Education, Inc (BNED) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNED and SPY?
On 3 years of weekly data the BNED/SPY correlation comes out at 0.21, weak. The past 12 months show a tighter link (0.38) than the 3-year average (0.21). The 5-year figure is 0.23, and annualized covariance runs at 342.8 %².
Within BNED's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BNED ahead by 20.5 points (+41.1% versus +20.6%). One caveat on sizing: BNED is 7.7 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.
BNED vs SPY: side by side
| BNED (Barnes & Noble Education, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.1% | +20.6% |
| 5-year return | -98.4% | +82.4% |
| Volatility (ann.) | 111.9% | 14.5% |
| Beta vs S&P 500 | 1.64 | 1.00 |
| Max drawdown (3Y) | -97.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 25.5 | – |
| 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 | BNED | SPY |
|---|---|---|
| 2022 | -74.3% | -18.2% |
| 2023 | -14.9% | +26.2% |
| 2024 | -93.3% | +24.9% |
| 2025 | -8.5% | +17.7% |
| 2026 | +33.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNED and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BNED and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.38 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for BNED?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 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: BNED correlations · SPY correlations
