BW vs SPY: Correlation
How closely do Babcock & Wilcox Enterprises, Inc. (BW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BW and SPY?
Across a 3-year window, the weekly returns of BW and SPY correlate at 0.34, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.34 over 3 years. Stretching to 5 years gives 0.33, with an annualized covariance of 681.7 %².
Out of 10 assets tracked against BW, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months BW outperformed by 296.8 percentage points (+317.4% for BW against +20.6% for SPY). Risk is not evenly split, since BW carries 9.5 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.
BW vs SPY: side by side
| BW (Babcock & Wilcox Enterprises, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +317.4% | +20.6% |
| 5-year return | +5.9% | +82.4% |
| Volatility (ann.) | 137.1% | 14.5% |
| Beta vs S&P 500 | 3.26 | 1.00 |
| Max drawdown (3Y) | -95.2% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| 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 | BW | SPY |
|---|---|---|
| 2022 | -36.0% | -18.2% |
| 2023 | -74.7% | +26.2% |
| 2024 | +12.3% | +24.9% |
| 2025 | +286.6% | +17.7% |
| 2026 | +21.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BW and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BW and SPY?
As of 2026-08-27, the correlation of weekly returns between BW and SPY is 0.34 over 3 years, -0.03 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for BW?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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: BW correlations · SPY correlations
