BF-A vs. SPY

Last updated Jul 14, 2026

BF-A (Brown-Forman Corporation) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BF-A returned -2.68%/yr vs 15.08%/yr for SPY. At a 0.39 correlation, their price movements are largely independent.

Performance

BF-A vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown-Forman Corporation (BF-A) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BF-A achieves a 3.16% return, which is significantly lower than SPY's 10.45% return. Over the past 10 years, BF-A has underperformed SPY with an annualized return of -2.68%, while SPY has yielded a comparatively higher 15.08% annualized return.

BF-A

• 1D: 0.26%
• 1M: -2.66%
• 6M: 1.09%
• YTD: 3.16%
• 1Y: -5.82%
• 3Y*: -25.26%
• 5Y*: -15.44%
• 10Y*: -2.68%

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BF-A vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BF-A Brown-Forman Corporation	3.16%	-28.07%	-35.56%	-8.20%	-1.88%	-5.36%	18.31%	34.00%	-9.34%	47.37%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between BF-A and SPY is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.39

Over the past year, the correlation between BF-A and SPY has dropped to 0.06 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

BF-A vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BF-A

BF-A Risk / Return Rank: 36
BF-A Sharpe Ratio Rank: 39
BF-A Sortino Ratio Rank: 35
BF-A Omega Ratio Rank: 34
BF-A Calmar Ratio Rank: 37
BF-A Martin Ratio Rank: 35

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BF-A vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown-Forman Corporation (BF-A) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BF-A	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.71	-1.87
Sortino ratio: Return per unit of downside risk	0.03	2.37	-2.34
Omega ratio: Gain probability vs. loss probability	1.00	1.31	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.24	2.43	-2.67
Martin ratio: Return relative to average drawdown	-0.53	10.57	-11.11

BF-A vs. SPY - Sharpe Ratio Comparison

The current BF-A Sharpe Ratio is -0.16, which is lower than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of BF-A and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BF-A vs. SPY - Drawdown Comparison

The maximum BF-A drawdown since its inception was -70.24%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BF-A and SPY.

Drawdown Indicators

	BF-A	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-70.24%	-55.19%	-15.05%
Max Drawdown (1Y) Largest decline over 1 year	-24.17%	-8.88%	-15.29%
Max Drawdown (3Y) Largest decline over 3 years	-65.74%	-18.76%	-46.98%
Max Drawdown (5Y) Largest decline over 5 years	-67.09%	-24.50%	-42.59%
Max Drawdown (10Y) Largest decline over 10 years	-68.32%	-33.72%	-34.60%
Current Drawdown Current decline from peak	-63.27%	-1.12%	-62.15%
Average Drawdown Average peak-to-trough decline	-14.88%	-9.02%	-5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.98%	2.03%	+8.95%

Volatility

BF-A vs. SPY - Volatility Comparison

Brown-Forman Corporation (BF-A) has a higher volatility of 10.53% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that BF-A's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BF-A	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	4.26%	+6.27%
Volatility (6M) Calculated over the trailing 6-month period	30.18%	10.01%	+20.17%
Volatility (1Y) Calculated over the trailing 1-year period	36.88%	12.60%	+24.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.42%	17.17%	+12.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.25%	17.93%	+10.32%

Dividends

BF-A vs. SPY - Dividend Comparison

BF-A's dividend yield for the trailing twelve months is around 3.45%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BF-A Brown-Forman Corporation	3.45%	3.46%	2.33%	1.40%	1.17%	2.55%	0.96%	1.07%	3.11%	1.11%	1.50%	1.17%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BF-A and SPY in my portfolio?

BF-A and SPY have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BF-A or SPY?

BF-A has higher volatility (10.53%) compared to SPY (4.26%). In terms of maximum drawdown, BF-A dropped -70.24% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs -0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.