BTI vs CBOE: Correlation
How closely do British American Tobacco Industries, p.l.c. (BTI) and Cboe Global Markets (CBOE) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTI and CBOE?
Across a 3-year window, the weekly returns of BTI and CBOE correlate at 0.26, weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Stretching to 5 years gives 0.22, with an annualized covariance of 153.6 %².
By 3-year correlation, CBOE places #7 of the 21 assets tracked against BTI. Their recent paths diverged sharply: over the last 12 months CBOE outperformed by 27.7 percentage points (+4.8% for BTI against +32.5% for CBOE).
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.
BTI vs CBOE: side by side
| BTI (British American Tobacco Industries, p.l.c.) | CBOE (Cboe Global Markets) | |
|---|---|---|
| 1-year return | +4.8% | +32.5% |
| 5-year return | +119.4% | +168.0% |
| Volatility (ann.) | 22.5% | 26.1% |
| Beta vs S&P 500 | 0.06 | 0.09 |
| Max drawdown (3Y) | -15.3% | -36.7% |
| Market cap | $121.2B | $32.8B |
| P/E (trailing) | 14.5 | 24.5 |
| Dividend yield | 4.27% | 0.92% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | BTI | CBOE |
|---|---|---|
| 2022 | +15.1% | -2.2% |
| 2023 | -20.1% | +44.4% |
| 2024 | +35.4% | +10.7% |
| 2025 | +65.8% | +29.2% |
| 2026 | +2.2% | +25.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTI and CBOE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BTI and CBOE?
The BTI/CBOE correlation stands at 0.26 on a 3-year window (1 year: 0.29, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is CBOE a good diversifier for BTI?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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: BTI correlations · CBOE correlations
