BWB vs SPY: Correlation
How closely do Bridgewater Bancshares, Inc. (BWB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and SPY?
Across a 3-year window, the weekly returns of BWB and SPY correlate at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.47). Stretching to 5 years gives 0.41, with an annualized covariance of 209.3 %².
Among the 13 assets we track against BWB, SPY ranks #7 by 3-year correlation. On 12-month performance BWB holds a 9.0-point edge, +29.6% against +20.6%. Risk is not evenly split, since BWB carries 2.1 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.
BWB vs SPY: side by side
| BWB (Bridgewater Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.6% | +20.6% |
| 5-year return | +31.0% | +82.4% |
| Volatility (ann.) | 30.6% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -22.2% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 11.5 | – |
| 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 | BWB | SPY |
|---|---|---|
| 2022 | +0.3% | -18.2% |
| 2023 | -23.8% | +26.2% |
| 2024 | -0.1% | +24.9% |
| 2025 | +29.8% | +17.7% |
| 2026 | +21.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and SPY good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BWB and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.30 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for BWB?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
A reading of 0.47 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: BWB correlations · SPY correlations
