BUD vs SPY: Correlation
Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (BUD) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUD and SPY?
Over the past 3 years, BUD and SPY moved with a correlation of 0.21, which is weak. Little has changed lately, as the 1-year reading of 0.11 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 79.6 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against BUD. On 12-month performance BUD holds a 7.2-point edge, +27.8% against +20.6%. One caveat on sizing: BUD is 1.8 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.
BUD vs SPY: side by side
| BUD (Anheuser-Busch Inbev SA Sponsored ADR (Belgium)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.8% | +20.6% |
| 5-year return | +39.0% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -31.5% | -18.8% |
| Market cap | $155.8B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 1.50% | 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 | BUD | SPY |
|---|---|---|
| 2022 | +0.1% | -18.2% |
| 2023 | +9.0% | +26.2% |
| 2024 | -21.4% | +24.9% |
| 2025 | +30.1% | +17.7% |
| 2026 | +25.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUD and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BUD and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.11 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for BUD?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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: BUD correlations · SPY correlations
