BNL vs SPY: Correlation
How closely do Bro (BNL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNL and SPY?
Over the past 3 years, BNL and SPY moved with a correlation of 0.22, which is weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.22). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 65.3 %².
Among the 13 assets we track against BNL, SPY sits near the bottom by co-movement, at rank #9. Their 12-month results are close: +22.4% for BNL against +20.6% for SPY.
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.
BNL vs SPY: side by side
| BNL (Bro) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.4% | +20.6% |
| 5-year return | +7.7% | +82.4% |
| Volatility (ann.) | 21.0% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -19.5% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 28.2 | – |
| Dividend yield | 5.47% | 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 | BNL | SPY |
|---|---|---|
| 2022 | -30.8% | -18.2% |
| 2023 | +14.0% | +26.2% |
| 2024 | -1.1% | +24.9% |
| 2025 | +17.3% | +17.7% |
| 2026 | +25.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BNL and SPY?
The BNL/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.08, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BNL?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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: BNL correlations · SPY correlations
