BJ vs. SPY

Last updated Jul 29, 2026

BJ (BJ's Wholesale Club Holdings, Inc.) 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 5 years, BJ returned 14.03%/yr vs 12.46%/yr for SPY. Their 0.24 correlation means their historical movements had little consistent relationship.

Performance

BJ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BJ's Wholesale Club Holdings, Inc. (BJ) 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, BJ achieves a 7.92% return, which is significantly lower than SPY's 9.22% return.

BJ

• 1D: 2.58%
• 1M: 9.33%
• 6M: 1.78%
• YTD: 7.92%
• 1Y: -6.45%
• 3Y*: 13.74%
• 5Y*: 14.03%
• 10Y*: —
• ALL TIME*: 20.69%

SPY

• 1D: 0.24%
• 1M: 1.63%
• 6M: 7.09%
• YTD: 9.22%
• 1Y: 17.60%
• 3Y*: 18.95%
• 5Y*: 12.46%
• 10Y*: 14.89%
• ALL TIME*: 10.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BJ BJ's Wholesale Club Holdings, Inc.	$144.74M	$155.57M	$194.66M
SPY State Street SPDR S&P 500 ETF	$34.03B	$34.70B	$38.77B

BJ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BJ BJ's Wholesale Club Holdings, Inc.	7.92%	0.76%	34.04%	0.76%	-1.21%	79.64%	63.94%	2.62%	4.28%
SPY State Street SPDR S&P 500 ETF	9.22%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-6.25%

Correlation

The correlation between BJ and SPY is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (5Y) Shows whether the relationship held over a longer period.	0.18
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018	0.24

The correlation between BJ and SPY shifts across timeframes, from -0.17 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BJ vs. SPY — Risk / Return Rank

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

BJ

BJ Risk / Return Rank: 35
BJ Sharpe Ratio Rank: 37
BJ Sortino Ratio Rank: 32
BJ Omega Ratio Rank: 32
BJ Calmar Ratio Rank: 37
BJ Martin Ratio Rank: 38

SPY

SPY Risk / Return Rank: 61
SPY Sharpe Ratio Rank: 60
SPY Sortino Ratio Rank: 58
SPY Omega Ratio Rank: 58
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 70

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.

BJ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BJ's Wholesale Club Holdings, Inc. (BJ) 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.

	BJ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	1.39	-1.61
Sortino ratio: Return per unit of downside risk	-0.10	1.96	-2.05
Omega ratio: Gain probability vs. loss probability	0.99	1.25	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.27	1.99	-2.26
Martin ratio: Return relative to average drawdown	-0.43	8.54	-8.98

BJ vs. SPY - Sharpe Ratio Comparison

The current BJ Sharpe Ratio is -0.21, which is lower than the SPY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of BJ 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

BJ vs. SPY - Drawdown Comparison

The maximum BJ drawdown since its inception was -38.76%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BJ and SPY.

Drawdown Indicators

	BJ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-55.19%	+16.43%
Max Drawdown (1Y) Largest decline over 1 year	-23.79%	-8.88%	-14.91%
Max Drawdown (3Y) Largest decline over 3 years	-30.12%	-18.76%	-11.36%
Max Drawdown (5Y) Largest decline over 5 years	-30.12%	-24.50%	-5.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-18.99%	-2.21%	-16.78%
Average Drawdown Average peak-to-trough decline	-12.68%	-9.01%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.88%	2.07%	+12.81%

Volatility

BJ vs. SPY - Volatility Comparison

BJ's Wholesale Club Holdings, Inc. (BJ) has a higher volatility of 7.81% compared to State Street SPDR S&P 500 ETF (SPY) at 3.18%. This indicates that BJ'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

	BJ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.81%	3.18%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	22.71%	9.87%	+12.84%
Volatility (1Y) Calculated over the trailing 1-year period	30.13%	12.68%	+17.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.45%	17.15%	+15.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.04%	17.94%	+19.10%

Dividends

BJ vs. SPY - Dividend Comparison

BJ has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BJ BJ's Wholesale Club Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.02%	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 BJ and SPY in my portfolio?

BJ and SPY have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BJ or SPY?

BJ has higher volatility (7.81%) compared to SPY (3.18%). In terms of maximum drawdown, BJ dropped -38.76% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.39 vs -0.21), 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.