BWIN vs SPY: Correlation
How closely do The Baldwin Insurance Group, Inc. (BWIN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWIN and SPY?
Across a 3-year window, the weekly returns of BWIN and SPY correlate at 0.16, weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.16). Stretching to 5 years gives 0.36, with an annualized covariance of 124.4 %².
SPY is close to the least connected end of BWIN's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.6 points (-6.0% versus +20.6%). Note the risk asymmetry: BWIN runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BWIN vs SPY: side by side
| BWIN (The Baldwin Insurance Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.0% | +20.6% |
| 5-year return | -13.5% | +82.4% |
| Volatility (ann.) | 54.6% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -70.2% | -18.8% |
| Market cap | $2.9B | – |
| 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 | BWIN | SPY |
|---|---|---|
| 2022 | -30.4% | -18.2% |
| 2023 | -4.5% | +26.2% |
| 2024 | +61.4% | +24.9% |
| 2025 | -38.0% | +17.7% |
| 2026 | +25.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWIN and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BWIN and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with -0.02 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for BWIN?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 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: BWIN correlations · SPY correlations
