BWMN vs SPY: Correlation
Bowman Consulting Group Ltd. (BWMN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWMN and SPY?
Over the past 3 years, BWMN and SPY moved with a correlation of 0.28, which is weak. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 225.6 %².
Among the 17 assets we track against BWMN, SPY sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with SPY ahead by 19.1 points (+1.5% versus +20.6%). Risk is not evenly split, since BWMN carries 3.9 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.
BWMN vs SPY: side by side
| BWMN (Bowman Consulting Group Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.5% | +20.6% |
| 5-year return | +220.2% | +82.4% |
| Volatility (ann.) | 56.7% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -56.2% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 101.2 | – |
| 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 | BWMN | SPY |
|---|---|---|
| 2022 | +2.8% | -18.2% |
| 2023 | +62.6% | +26.2% |
| 2024 | -29.8% | +24.9% |
| 2025 | +32.3% | +17.7% |
| 2026 | +28.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWMN and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BWMN and SPY?
As of 2026-08-27, the correlation of weekly returns between BWMN and SPY is 0.28 over 3 years, 0.22 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for BWMN?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BWMN correlations · SPY correlations
