BF-B vs. SPY

Last updated Jun 3, 2026

BF-B (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-B returned -2.65%/yr vs 15.57%/yr for SPY. At a 0.45 correlation, their price movements are largely independent.

Performance

BF-B vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown-Forman Corporation (BF-B) 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-B achieves a -3.41% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, BF-B has underperformed SPY with an annualized return of -2.65%, while SPY has yielded a comparatively higher 15.57% annualized return.

BF-B

• 1D: -0.87%
• 1M: -2.39%
• YTD: -3.41%
• 6M: -15.13%
• 1Y: -22.37%
• 3Y*: -25.30%
• 5Y*: -19.36%
• 10Y*: -2.65%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

BF-B vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BF-B Brown-Forman Corporation	-3.41%	-29.29%	-32.23%	-11.91%	-8.86%	-6.07%	18.67%	43.78%	-10.98%	55.01%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between BF-B and SPY is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.45

Over the past year, the correlation between BF-B and SPY has dropped to 0.11 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

BF-B vs. SPY — Risk / Return Rank

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

BF-B

BF-B Risk / Return Rank: 14
BF-B Sharpe Ratio Rank: 17
BF-B Sortino Ratio Rank: 19
BF-B Omega Ratio Rank: 18
BF-B Calmar Ratio Rank: 11
BF-B Martin Ratio Rank: 6

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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-B vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown-Forman Corporation (BF-B) 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.

	BF-B	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.53	2.52	-3.05
Sortino ratio Return per unit of downside risk	-0.52	3.42	-3.93
Omega ratio Gain probability vs. loss probability	0.93	1.46	-0.53
Calmar ratio Return relative to maximum drawdown	-0.78	3.42	-4.20
Martin ratio Return relative to average drawdown	-1.45	15.93	-17.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BF-B vs. SPY - Sharpe Ratio Comparison

The current BF-B Sharpe Ratio is -0.53, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BF-B 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.

Sharpe Ratios by Period

	BF-B	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	2.52	-3.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.84	-1.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	0.87	-0.97
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.59	-0.11

Drawdowns

BF-B vs. SPY - Drawdown Comparison

The maximum BF-B drawdown since its inception was -68.96%, 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-B and SPY.

Drawdown Indicators

	BF-B	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-68.96%	-55.19%	-13.77%
Max Drawdown (1Y) Largest decline over 1 year	-29.05%	-8.88%	-20.17%
Max Drawdown (3Y) Largest decline over 3 years	-65.65%	-18.76%	-46.89%
Max Drawdown (5Y) Largest decline over 5 years	-68.68%	-24.50%	-44.18%
Max Drawdown (10Y) Largest decline over 10 years	-68.96%	-33.72%	-35.24%
Current Drawdown Current decline from peak	-66.04%	0.00%	-66.04%
Average Drawdown Average peak-to-trough decline	-11.58%	-9.05%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.61%	1.91%	+13.70%

Volatility

BF-B vs. SPY - Volatility Comparison

Brown-Forman Corporation (BF-B) has a higher volatility of 10.45% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that BF-B'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-B	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	2.75%	+7.70%
Volatility (6M) Calculated over the trailing 6-month period	31.30%	8.89%	+22.41%
Volatility (1Y) Calculated over the trailing 1-year period	42.17%	11.81%	+30.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.88%	17.05%	+12.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.02%	17.94%	+10.08%

Dividends

BF-B vs. SPY - Dividend Comparison

BF-B's dividend yield for the trailing twelve months is around 3.67%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BF-B Brown-Forman Corporation	3.67%	3.49%	2.32%	1.46%	1.17%	2.37%	0.88%	0.99%	3.10%	1.09%	1.54%	1.29%
SPY State Street SPDR S&P 500 ETF	0.97%	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-B and SPY in my portfolio?

BF-B and SPY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BF-B or SPY?

BF-B has higher volatility (10.45%) compared to SPY (2.75%). In terms of maximum drawdown, BF-B dropped -68.96% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs -0.53), 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.