BRO vs SPY: Correlation
Brown & Brown (BRO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRO and SPY?
Over the past 3 years, BRO and SPY moved with a correlation of 0.23, which is weak. The link has loosened recently: the 1-year correlation (0.03) runs below the 3-year figure (0.23). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 80.8 %².
Among the 35 assets we track against BRO, SPY ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 45.6 percentage points (-25.0% for BRO against +20.6% for SPY). The rolling one-year correlation moved between 0.05 and 0.50 over the past three years, a moderate range. One caveat on sizing: BRO is 1.7 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.
BRO vs SPY: side by side
| BRO (Brown & Brown) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.0% | +20.6% |
| 5-year return | +27.5% | +82.4% |
| Volatility (ann.) | 24.4% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -55.8% | -18.8% |
| Market cap | $23.9B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 0.89% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | BRO | SPY |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | +25.7% | +26.2% |
| 2024 | +44.3% | +24.9% |
| 2025 | -21.4% | +17.7% |
| 2026 | -9.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRO and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BRO and SPY?
The BRO/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.03, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BRO?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bro-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bro-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BRO correlations · SPY correlations
