BROS vs SPY: Correlation
Measured on weekly returns over the past three years, Dutch Bros Inc. (BROS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BROS and SPY?
Across a 3-year window, the weekly returns of BROS and SPY correlate at 0.42, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.42). Stretching to 5 years gives 0.50, with an annualized covariance of 348.5 %².
Among the 10 assets we track against BROS, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 51.3 percentage points, -30.7% for BROS against +20.6% for SPY. One caveat on sizing: BROS is 3.9 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.
BROS vs SPY: side by side
| BROS (Dutch Bros Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.7% | +20.6% |
| 5-year return | +38.2% | +82.4% |
| Volatility (ann.) | 57.0% | 14.5% |
| Beta vs S&P 500 | 1.67 | 1.00 |
| Max drawdown (3Y) | -45.3% | -18.8% |
| Market cap | $8.9B | – |
| P/E (trailing) | 70.4 | – |
| 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 | BROS | SPY |
|---|---|---|
| 2022 | -44.6% | -18.2% |
| 2023 | +12.3% | +26.2% |
| 2024 | +65.4% | +24.9% |
| 2025 | +16.9% | +17.7% |
| 2026 | -17.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BROS and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BROS and SPY?
As of 2026-08-27, the correlation of weekly returns between BROS and SPY is 0.42 over 3 years, 0.12 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for BROS?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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: BROS correlations · SPY correlations
