BWLP vs SPY: Correlation
BW LPG Limited (BWLP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWLP and SPY?
Over the past 3 years, BWLP and SPY moved with a correlation of 0.22, which is weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.22). Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 154.6 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against BWLP. Their recent paths diverged sharply: over the last 12 months BWLP outperformed by 51.8 percentage points (+72.4% for BWLP against +20.6% for SPY). One caveat on sizing: BWLP is 3.4 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.
BWLP vs SPY: side by side
| BWLP (BW LPG Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +72.4% | +20.6% |
| 5-year return | +841.4% | +82.4% |
| Volatility (ann.) | 48.8% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -54.3% | -18.8% |
| Market cap | $3.7B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 7.90% | 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 | BWLP | SPY |
|---|---|---|
| 2022 | +60.4% | -18.2% |
| 2023 | +157.7% | +26.2% |
| 2024 | -7.2% | +24.9% |
| 2025 | +22.9% | +17.7% |
| 2026 | +99.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWLP and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BWLP and SPY?
As of 2026-08-27, the correlation of weekly returns between BWLP and SPY is 0.22 over 3 years, 0.08 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for BWLP?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
A reading of 0.22 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: BWLP correlations · SPY correlations
