BUD vs CBOE: Correlation
Measured on weekly returns over the past three years, Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (BUD) and Cboe Global Markets (CBOE) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUD and CBOE?
On 3 years of weekly data the BUD/CBOE correlation comes out at 0.27, weak. Recent behaviour matches the longer record: 0.36 over 1 year against 0.27 over 3. The 5-year figure is 0.23, and annualized covariance runs at 190.2 %².
By 3-year correlation, CBOE places #9 of the 15 assets tracked against BUD. Twelve-month performance is nearly a tie, at +27.8% for BUD and +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.
BUD vs CBOE: side by side
| BUD (Anheuser-Busch Inbev SA Sponsored ADR (Belgium)) | CBOE (Cboe Global Markets) | |
|---|---|---|
| 1-year return | +27.8% | +32.5% |
| 5-year return | +39.0% | +168.0% |
| Volatility (ann.) | 26.7% | 26.1% |
| Beta vs S&P 500 | 0.38 | 0.09 |
| Max drawdown (3Y) | -31.5% | -36.7% |
| Market cap | $155.8B | $32.8B |
| P/E (trailing) | 16.9 | 24.5 |
| Dividend yield | 1.50% | 0.92% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | BUD | CBOE |
|---|---|---|
| 2022 | +0.1% | -2.2% |
| 2023 | +9.0% | +44.4% |
| 2024 | -21.4% | +10.7% |
| 2025 | +30.1% | +29.2% |
| 2026 | +25.4% | +25.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUD and CBOE good diversifiers for each other?
Reasonably. At 0.27, BUD and CBOE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BUD and CBOE?
As of 2026-08-27, the correlation of weekly returns between BUD and CBOE is 0.27 over 3 years, 0.36 over 1 year and 0.23 over 5 years.
Is CBOE a good diversifier for BUD?
Reasonably. At 0.27, BUD and CBOE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BUD correlations · CBOE correlations
