BTMD vs SPY: Correlation
How closely do Biote Corp. (BTMD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTMD and SPY?
Across a 3-year window, the weekly returns of BTMD and SPY correlate at 0.25, weak. Recent behaviour matches the longer record: 0.30 over 1 year against 0.25 over 3. Stretching to 5 years gives 0.12, with an annualized covariance of 242.2 %².
Among the 11 assets we track against BTMD, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 72.1 percentage points (-51.5% for BTMD against +20.6% for SPY). Note the risk asymmetry: BTMD runs 4.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BTMD vs SPY: side by side
| BTMD (Biote Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -51.5% | +20.6% |
| 5-year return | -83.1% | +82.4% |
| Volatility (ann.) | 67.5% | 14.5% |
| Beta vs S&P 500 | 1.16 | 1.00 |
| Max drawdown (3Y) | -84.4% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.9 | – |
| 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 | BTMD | SPY |
|---|---|---|
| 2022 | -61.9% | -18.2% |
| 2023 | +32.4% | +26.2% |
| 2024 | +25.1% | +24.9% |
| 2025 | -57.9% | +17.7% |
| 2026 | -37.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTMD and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BTMD and SPY?
As of 2026-08-27, the correlation of weekly returns between BTMD and SPY is 0.25 over 3 years, 0.30 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for BTMD?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
A reading of 0.25 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: BTMD correlations · SPY correlations
