BRAG vs SPY: Correlation
Bragg Gaming Group Inc. (BRAG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRAG and SPY?
On 3 years of weekly data the BRAG/SPY correlation comes out at 0.28, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.28 over 3. The 5-year figure is 0.20, and annualized covariance runs at 251.3 %².
SPY is close to the least connected end of BRAG's tracked universe, ranking #7 of 10. The last year tells two different stories: SPY led by 68.2 percentage points, -47.6% for BRAG against +20.6% for SPY. One caveat on sizing: BRAG is 4.3 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.
BRAG vs SPY: side by side
| BRAG (Bragg Gaming Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -47.6% | +20.6% |
| 5-year return | -87.1% | +82.4% |
| Volatility (ann.) | 62.2% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -78.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | BRAG | SPY |
|---|---|---|
| 2022 | -23.5% | -18.2% |
| 2023 | +31.2% | +26.2% |
| 2024 | -26.7% | +24.9% |
| 2025 | -43.2% | +17.7% |
| 2026 | -31.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRAG and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BRAG and SPY?
The BRAG/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.19, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BRAG?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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.
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Related comparisons
Hubs: BRAG correlations · SPY correlations
