BANL vs SPY: Correlation
CBL International Limited - Class B (BANL) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANL and SPY?
Across a 3-year window, the weekly returns of BANL and SPY correlate at -0.03, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.11 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -302.8 %².
Among the 10 assets we track against BANL, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months BANL outperformed by 1969.9 percentage points (+1990.5% for BANL against +20.6% for SPY). Note the risk asymmetry: BANL runs 52.9 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.
BANL vs SPY: side by side
| BANL (CBL International Limited - Class B) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1990.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 767.2% | 14.5% |
| Beta vs S&P 500 | -1.45 | 1.00 |
| Max drawdown (3Y) | -85.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | BANL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -31.3% | +24.9% |
| 2025 | -55.9% | +17.7% |
| 2026 | +2911.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANL and SPY good diversifiers for each other?
Yes. With a correlation of -0.03, BANL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BANL and SPY?
The BANL/SPY correlation stands at -0.03 on a 3-year window (1 year: -0.11, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BANL?
Yes. With a correlation of -0.03, BANL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.03 mean?
On the −1 to +1 scale, -0.03 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BANL correlations · SPY correlations
