BTI vs SPY: Correlation
British American Tobacco Industries, p.l.c. (BTI) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTI and SPY?
Over the past 3 years, BTI and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.04 over 3 years. Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 12.3 %².
Within BTI's tracked universe of 21 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.8 percentage points (+4.8% for BTI against +20.6% for SPY). Risk is not evenly split, since BTI carries 1.6 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.
BTI vs SPY: side by side
| BTI (British American Tobacco Industries, p.l.c.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.8% | +20.6% |
| 5-year return | +119.4% | +82.4% |
| Volatility (ann.) | 22.5% | 14.5% |
| Beta vs S&P 500 | 0.06 | 1.00 |
| Max drawdown (3Y) | -15.3% | -18.8% |
| Market cap | $121.2B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 4.27% | 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 | BTI | SPY |
|---|---|---|
| 2022 | +15.1% | -18.2% |
| 2023 | -20.1% | +26.2% |
| 2024 | +35.4% | +24.9% |
| 2025 | +65.8% | +17.7% |
| 2026 | +2.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTI and SPY?
The BTI/SPY correlation stands at 0.04 on a 3-year window (1 year: -0.08, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BTI?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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: BTI correlations · SPY correlations
