BP vs SPY: Correlation
BP p.l.c. (BP) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BP and SPY?
On 3 years of weekly data the BP/SPY correlation comes out at 0.03, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.39) than the 3-year average (0.03). The 5-year figure is 0.20, and annualized covariance runs at 12.9 %².
By 3-year correlation, SPY places #9 of the 26 assets tracked against BP. On 12-month performance BP holds a 7.0-point edge, +27.6% against +20.6%. Note the risk asymmetry: BP runs 1.8 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.
BP vs SPY: side by side
| BP (BP p.l.c.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.6% | +20.6% |
| 5-year return | +119.9% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 0.06 | 1.00 |
| Max drawdown (3Y) | -30.6% | -18.8% |
| Market cap | $109.0B | – |
| P/E (trailing) | 20.3 | – |
| Dividend yield | 0.79% | 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 | BP | SPY |
|---|---|---|
| 2022 | +37.0% | -18.2% |
| 2023 | +6.0% | +26.2% |
| 2024 | -11.8% | +24.9% |
| 2025 | +24.5% | +17.7% |
| 2026 | +26.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BP and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between BP and SPY?
The BP/SPY correlation stands at 0.03 on a 3-year window (1 year: -0.39, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BP?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 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: BP correlations · SPY correlations
