BWEN vs SPY: Correlation
How closely do Broadwind, Inc. (BWEN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWEN and SPY?
On 3 years of weekly data the BWEN/SPY correlation comes out at 0.18, weak. Little has changed lately, as the 1-year reading of 0.18 lands near the 3-year figure. The 5-year figure is 0.20, and annualized covariance runs at 261.8 %².
Among the 17 assets we track against BWEN, SPY sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with BWEN ahead by 91.9 points (+112.5% versus +20.6%). Risk is not evenly split, since BWEN carries 6.9 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.
BWEN vs SPY: side by side
| BWEN (Broadwind, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +112.5% | +20.6% |
| 5-year return | +46.2% | +82.4% |
| Volatility (ann.) | 99.9% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -69.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 12.1 | – |
| 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 | BWEN | SPY |
|---|---|---|
| 2022 | -4.8% | -18.2% |
| 2023 | +54.7% | +26.2% |
| 2024 | -32.1% | +24.9% |
| 2025 | +50.5% | +17.7% |
| 2026 | +62.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWEN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between BWEN and SPY?
As of 2026-08-27, the correlation of weekly returns between BWEN and SPY is 0.18 over 3 years, 0.18 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for BWEN?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 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: BWEN correlations · SPY correlations
