BAP vs SPY: Correlation
Credicorp Ltd. (BAP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAP and SPY?
On 3 years of weekly data the BAP/SPY correlation comes out at 0.30, moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.30 over 3. The 5-year figure is 0.34, and annualized covariance runs at 114.8 %².
Among the 11 assets we track against BAP, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: BAP led by 34.3 percentage points, +54.9% for BAP against +20.6% for SPY. Note the risk asymmetry: BAP runs 1.8 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.
BAP vs SPY: side by side
| BAP (Credicorp Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +54.9% | +20.6% |
| 5-year return | +370.8% | +82.4% |
| Volatility (ann.) | 26.1% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -20.0% | -18.8% |
| Market cap | $29.6B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 13.07% | 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 | BAP | SPY |
|---|---|---|
| 2022 | +14.6% | -18.2% |
| 2023 | +16.3% | +26.2% |
| 2024 | +31.4% | +24.9% |
| 2025 | +65.4% | +17.7% |
| 2026 | +36.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAP and SPY good diversifiers for each other?
Reasonably. At 0.30, BAP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BAP and SPY?
As of 2026-08-27, the correlation of weekly returns between BAP and SPY is 0.30 over 3 years, 0.31 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for BAP?
Reasonably. At 0.30, BAP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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: BAP correlations · SPY correlations
