BWMX vs SPY: Correlation
How closely do Betterware de Mexico, S.A.P.I. de C.V. (BWMX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWMX and SPY?
Across a 3-year window, the weekly returns of BWMX and SPY correlate at 0.28, weak. The link has loosened recently: the 1-year correlation (0.11) runs below the 3-year figure (0.28). Stretching to 5 years gives 0.25, with an annualized covariance of 183.7 %².
SPY is close to the least connected end of BWMX's tracked universe, ranking #6 of 10. Over the last 12 months BWMX came out ahead by 5.0 percentage points (+25.6% against +20.6%). Risk is not evenly split, since BWMX carries 3.2 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.
BWMX vs SPY: side by side
| BWMX (Betterware de Mexico, S.A.P.I. de C.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.6% | +20.6% |
| 5-year return | -40.9% | +82.4% |
| Volatility (ann.) | 45.7% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -57.5% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 6.1 | – |
| Dividend yield | 66.63% | 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 | BWMX | SPY |
|---|---|---|
| 2022 | -66.1% | -18.2% |
| 2023 | +133.9% | +26.2% |
| 2024 | -12.0% | +24.9% |
| 2025 | +37.3% | +17.7% |
| 2026 | +18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWMX 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 BWMX and SPY?
As of 2026-08-27, the correlation of weekly returns between BWMX and SPY is 0.28 over 3 years, 0.11 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for BWMX?
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?
A reading of 0.28 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: BWMX correlations · SPY correlations
