SPY vs TBBB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and BBB Foods Inc. Class A (TBBB) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TBBB?
On 3 years of weekly data the SPY/TBBB correlation comes out at 0.33, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.33). The 5-year figure is n/a, and annualized covariance runs at 200.9 %².
Within SPY's tracked universe of 4755 assets, TBBB comes in at #1909 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TBBB outperformed by 65.3 percentage points (+20.6% for SPY against +85.9% for TBBB). Note the risk asymmetry: TBBB runs 2.9 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.
SPY vs TBBB: side by side
| SPY (SPDR S&P 500 ETF Trust) | TBBB (BBB Foods Inc. Class A) | |
|---|---|---|
| 1-year return | +20.6% | +85.9% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 41.8% |
| Beta vs S&P 500 | 1.00 | 0.96 |
| Max drawdown (3Y) | -18.8% | -29.6% |
| Market cap | – | $5.9B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TBBB |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | +18.1% |
| 2026 | +13.7% | +45.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TBBB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TBBB?
The SPY/TBBB correlation stands at 0.33 on a 3-year window (1 year: 0.09, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TBBB a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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: SPY correlations · TBBB correlations
