BWXT vs SPY: Correlation
How closely do BWX Technologies, Inc. (BWXT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWXT and SPY?
Over the past 3 years, BWXT and SPY moved with a correlation of 0.43, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 210.5 %².
Out of 10 assets tracked against BWXT, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 25.9 percentage points, -5.3% for BWXT against +20.6% for SPY. Note the risk asymmetry: BWXT runs 2.3 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.
BWXT vs SPY: side by side
| BWXT (BWX Technologies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.3% | +20.6% |
| 5-year return | +188.9% | +82.4% |
| Volatility (ann.) | 33.5% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -37.1% | -18.8% |
| Market cap | $14.3B | – |
| P/E (trailing) | 39.7 | – |
| Dividend yield | 0.68% | 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 | BWXT | SPY |
|---|---|---|
| 2022 | +23.3% | -18.2% |
| 2023 | +33.9% | +26.2% |
| 2024 | +46.5% | +24.9% |
| 2025 | +56.4% | +17.7% |
| 2026 | -9.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWXT and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BWXT and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.40 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for BWXT?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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: BWXT correlations · SPY correlations
