BRLS vs SPY: Correlation
How closely do Borealis Foods Inc. - Class A (BRLS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRLS and SPY?
Over the past 3 years, BRLS and SPY moved with a correlation of -0.01, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.10) sits close to the 3-year figure. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -19.2 %².
Within BRLS's tracked universe of 21 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 82.3 points (-61.7% versus +20.6%). Risk is not evenly split, since BRLS carries 11.0 times the volatility of the other side.
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.
BRLS vs SPY: side by side
| BRLS (Borealis Foods Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -61.7% | +20.6% |
| 5-year return | -88.7% | +82.4% |
| Volatility (ann.) | 160.0% | 14.5% |
| Beta vs S&P 500 | -0.09 | 1.00 |
| Max drawdown (3Y) | -94.8% | -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 | BRLS | SPY |
|---|---|---|
| 2022 | +4.6% | -18.2% |
| 2023 | +9.5% | +26.2% |
| 2024 | -47.3% | +24.9% |
| 2025 | -66.5% | +17.7% |
| 2026 | -44.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRLS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.01 means the two rarely move for the same reasons.
FAQ
What is the correlation between BRLS and SPY?
Using weekly returns as of 2026-08-27: -0.01 over 3 years, with -0.10 over the last year and -0.01 over 5 years.
Is SPY a good diversifier for BRLS?
By historical standards, yes. A correlation of -0.01 means the two rarely move for the same reasons.
What does a correlation of -0.01 mean?
On the −1 to +1 scale, -0.01 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: BRLS correlations · SPY correlations
